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EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: France, the Netherlands  Portugal and the ESM will
issue T-Bills this week. We estimate supply of E15.1bln compared to E16.3bln
last week.
- ISSUANCE: The Netherlands will kick off issuance with a tap of the Jun 29,
2020 DTC and the Aug 28,2020 DTC for a combined E2.0-4.0bln on Monday. France
will follow with a sale of 3-/6-/12-month BTFs for a combined E4.3-6.0bln. The
ESM will then sell E3bln of 6-month bills on Tuesday. Portugal will conclude
with a sale of 6- and 12-month bills for E1.25-1.50bln on Wednesday.
- CASH FLOWS: there will be E7.4bn in redemptions which will leave net cash
flows at E7.7bln for the week.

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