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EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: France, Spain, Slovenia, Belgium, Italy and Greece
will combine to sell E18.3bln in bills this week, versus E10.7bln last week.
- ISSUANCE: On Monday afternoon, France sells up to E4.8bln in BTFs: E2.1-2.5bln
of 3-month Sep 9, 2019, E0.7-1.1bln of 6-month Nov 20, 2019 BTF, E0.0-0.4bln of
9-month Mar 25, 2020 BTF, and E0.4-0.8bln of 12-month May 20, 2020 BTF. On
Tuesday, Spain sells Letra: 6-month Dec 6, 2019 Letra and 12-month Jun 12, 2020
Letra, size TBA. Also Tuesday, Slovenia sells up to E0.13bln in bills, including
3-month Sep 12, 2019 bills, and 6-month Dec 12, 2019 bills, and 12-month Jun 13,
2019 bills. Finally Tuesday, Belgium sells between E1.4-1.8bln in TCs: 3-month
Sep 12, 2019 TC and 12-month May 14, 2020 TC. Then Wednesday, Italy sells BOTs,
details TBA but MNI expects new 12-month Jun 12, 2020 BOT for E6.5bln. Finally,
Greece sells 12-month June 12, 2020 bills for E0.625bln.
- CASH FLOW: There is a total of E19.2bln in redemptions this week, largely
France, Spain and Italy (though Greece and Slovenia see cash returning to market
as well). This will leave cash flow negative by E0.9bln, vs E5.6bln last week.
** For full details, please see MNI Eurozone T-Bill auction calendar.

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