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France, the Netherlands,...>

EUROZONE T-BILL ISSUANCE: France, the Netherlands, Belgium and the ESM will sell
T-Bills next week with supply estimated at E11.0bln compared to E11.7bln last
- ISSUANCE: The Netherlands will be the first to issue next week with a sale of
the new 6-month Feb 28, 2020 DTC for E1.0-2.0bln on Monday. On the same day
France will look to raise E3.7-4.9bln through sales of the 3-month Nov 27, 2019
BTF, 6-month Feb 12, 2020 BTF and the 12-month Aug 12, 2020 BTF. Belgium will
re-open the 3-month Jan 16, 2020 and 6-month Mar 12, 2020 bills on Tuesday for
E2.2bln. The ESM will be the last to issue with a sale of 3-month Dec 5, 2019
bills for E3bln on the same day.
- CASH FLOWS: There are E5.5bln in redemptions next week which will leave net
cash flow at E5.5bln.
** For further details please see MNI T-Bill issuance calendar. 

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