France, the Netherlands,...>

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.