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EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: France, the Netherlands, Belgium, Greece and the ESM
will issue t-bills this week. We estimate supply of E16.8bn (revised from an
initial E17.0bln) compared to E34.5bn last week.
- RECAP: Belgium was the first to come to market with a sale of the Sep 10, 2020
and Jan 14, 2021 TCs on Tuesday for E2.0bn. The Netherlands then auctioned
6-month DTCs for E1.9bn. The ESM sold 3-month bills for E2.5bn. France concluded
Tuesday's issuance with a combination of 3-/6-/12-month BTFs for E9.4bn. 
- ISSUANCE: Greece will 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 E15.4bln for the week.
** For further details please see MNI Eurozone T-Bill Calendar

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