Germany, France, Italy.....>

EUROZONE T-BILL ISSUANCE: Germany, France, Italy and Slovakia will issue T-bills

this week. We estimate supply of E14.3bln.

- ISSUANCE: Slovakia will kick off issuance for the week with a E200mn tap of

Jan 27, 2021 bills on Monday. On the same day Germany will auction the Aug 5,

2020 bubill for E1.5bln. France will then sell a combination of 3-/6-/12-month

BTFs for E3.4-6.1bln. Italy will then sell 6-month BOTs on Friday with details

yet to be announced. 

- CASH FLOWS: There will be E5.8bln in redemptions which will leave net cash

flows at E8.5bln for the week.

** For further details please see MNI Eurozone T-Bill Auction Calendar