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

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Germany, France and Italy will come to the market this
week to issue T-bills. We estimate a total issuance of E11.5bln, little changed
from the E11.9bln issued last week.
- ISSUANCE: Germany will kick off issuance on Monday morning with the Dec 11,
2019 tapped for E2.0bln. France are also due to issue on Monday with
2-/3-/5-/12-month BTFs all due for auction. E2-2.4bln are due to be issued of
the Dec 4, 2019 BTF, E0.4-0.8bln for both the Feb 12, 2020 and Sep 9, 2020 BTFs
and E0-0.4bln due to be issued of the Nov 20, 2019 BTF. Italy are due to come to
market on Thursday with details of the auction to be confirmed next week.
- CASH FLOWS: There will be E4.875bln of redemptions, which will leave net cash
flows at E6.6bln for the week. ** For further details please see MNI Eurozone
T-Bill Calendar.

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