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Germany, France, Italy,....>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Germany, France, Italy, Spain and Belgium will issue
bills this week with estimated supply of E18.8bln compared to E10.7bln last
week. 
- ISSUANCE: Germany will be the first to come to market with a sale of 6-month
Bubills for E2.0bln on Monday. All remaining issuers will sell on Tuesday. Spain
will sell 6-month and 12-month letras with target volumes announced at the
beginning of the week. Italy will then seek to raise E5.5bln from the sale of
12-month BOTs. Belgium will sell 4-month and 12-month TCs for a combined
E2.8bln. France will sell 3-/6-12-month BTFs for a combined E3.4-4.6bln. 
- CASH FLOWS: There will be E20.0bln in redemptions which will leave net cash
flows at negative E1.2bln for the week.
** For further details please see MNI Eurozone T-Bill Calendar

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