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Germany, France,...........>

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. On Tuesday the ESM sold E2bn of 6-month bills.
Portugal came to market on Wednesday to sell 6- and 12-month
bills for a combined E1.75bn. 
- ISSUANCE: Ireland is scheduled to tap the market on Thursday with a sale of
Oct 19, 2020 bills for E0.75bn.
- 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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