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EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: France, the Netherlands, Belgium, the ESM and Greece
will come to market this week to issue T-Bills. We estimate supply of E9.8bln vs
E11.5bln the previous week.
- ISSUANCE: France will be the first to issue with a sale of 3-/6-/12-month BTFs
for a combined E3.3-4.5bln on Monday. The Netherlands will follow with a
E1.0-2.0bln tap of 6-month DTCs on the same day. Belgium will sell 3-month bills
for E1.3-1.7bln on Tuesday. The ESM will follow with a sale of 3-month bills for
E2.5bln. Greece will then conclude issuance for the week with an auction of
3-month bills for E0.375bln on Wednesday.
- CASHFLOWS: There will be E6.8bln in redemptions which will leave net cash
flows at E3.0bln for the week.
** For further details please see MNI Eurozone T-Bill Calendar.

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