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EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: France, the Netherlands Portugal, Ireland and the ESM
will issue T-Bills this week. We estimate supply of E15.1bln compared to
E16.3bln last week.
- RECAP: The Netherlands kicked off issuance for the week with a tap of the Jun
29, 2020 DTC and the Aug 28,2020 DTC for a combined E2.23bln. France followed
with a sale of 3-/6-/12-month BTFs for a combined E5.896bln. The ESM sold
E2.98bln of 6-month bills on Tuesday.
- ISSUANCE: Portugal will sell 6- and 12-month bills for E1.25-1.50bln on
Wednesday. Ireland will conclude issuance for the week with a E0.5bln sell of
6-month bills on Thursday.
- 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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