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EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Germany, France, Italy, Belgium, the Netherlands,
Greece and the ESM will issue T-bills this week. We estimate total supply of
E20.8bln.
- RECAP: Germany allotted E2.05bln in 6-month bubills on Monday. The Netherlands
followed with a sale of 6-month DTCs for E1.59bln. France then sold a
combination of 3-/6-/12-month BTFs for E4.55bln. Belgium sold 4- and 6-month
bills for a combined E1.71bln on Tuesday. On the same day the ESM issued E2.5bln
in 3-month bills. Greece sold E0.4875bln of 3-month bills on Wednesday. 
- ISSSUANCE: Italy will conclude for the week with a 12-month BOT auction of
E7.0bln.
- CASH FLOWS: There will be E5.8bln in redemptions which will leave net cash
flows at E15.0bln for the week.
** For further details please see MNI Eurozone T-Bill Calendar

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