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EUROZONE T-BILL ISSUANCE: France, the Netherlands, Belgium, Greece and the ESM
will issue t-bills this week. We estimate supply of E17.0bln compared to E34.5bn
last week.
- ISSUANCE: Belgium will be the first to come to market with a sale of the Sep
10, 2020 and Jan 14, 2021 TCs on Tuesday for E1.8-2.2bn. The Netherlands will
then auction 6-month DTCs for E1.5-2.5bn. The ESM will sell 3-month bills for
E2.5bn. France will conclude Tuesday's issuance with a combination of
3-/6-/12-month BTFs for E7.9-9.5bn. Greece will then wrap up for the week with
an auction of 6-month bills for E1bn on Wednesday.
- CASHFLOWS: There will be E1.44bn in redemptions which will leave net cashflows
at E15.6bln for the week.
** For further details please see MNI Eurozone T-Bill Calendar

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