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EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Germany, France, Netherlands, Portugal and the ESM
will issue bills this week. We estimate supply of E21.3bln compared to E37.6bn.
- RECAP: Germany kicked off issuance for the week, allotting E3.8bn of
12-month bubills on Monday. The Netherlands followed with an auction of
2.5-month and 5.5-month DTCs for a combined E3.17bn. France sold a
combination of 3-/6-/12-month BTFs for E9.5bn. 
- ISSUANCE: On Tuesday the ESM will sell 6-month bills for E2bn. Portugal will
come to market on Wednesday to sell 6- and 12-month bills for a combined
E1.50-1.75bn. Ireland is scheduled to tap the market on Thursday with details
TBA.
- CASH FLOWS: There will be E4.7bln in redemptions which will leave net cash
flows at E16.6bn for the week.
** For further details please see MNI Eurozone T-Bill Calendar

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