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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. 
- RECAP: Germany allotted E1.66bln of 6-month Bubills on Monday. 
- ISSUANCE: All remaining issuers will sell on Tuesday. Spain will sell 6-month
and 12-month letras with target volume of E4.5-5.5bln. 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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