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France, Spain and the......>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: France, Spain and the Netherlands will issue T-Bills
this week. We estimate total supply of E11.1bln compared to E11.9bln last week.
- ISSUANCE: The Netherlands will be the first to auction with a sale of of
6-month DTCs for E1.0-2.0bln on Monday. France will then sell 3-/6-/12-month
BTFs for a combined E3.6-5.8bln on the same day. Spain will sell 6- and 12-month
letras on Tuesday with volumes yet to be announced. A E2.5bln auction of 3-month
ESM bills on Wednesday will conclude issuance for the week. The Belgian T-Bill
auction planned for this week has been cancelled.
- CASHFLOWS: There will be E4.3bln in redemptions which will leave net cash
flows at E6.8bln.
** For further details please see MNI Eurozone T-Bill Calendar.

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