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EUROZONE T-BILL ISSUANCE: Germany, France, Italy, Spain, the Netherlands,
Belgium, Finland and the ESM will issue T-bills this week. We estimate supply of
E36.5bn compared to E30.4bn last week.
- RECAP: Germany were the first to issue on Monday with E1.93bln allotted in a
E4bn tap of 6-month Bubills. The Netherlands followed this up selling a combined
E4.99bln (the top of the target range) of 4.5-/9.5-/11.5-month DTCs. France
rounded off Monday's issuance with E9.37bln of 3-/6-/12-month BTFs issued,
towards the top end of the E7.9-9.5bn target.
- ISSUANCE: On Tuesday Spain will sell 3- and 9-month letras with a target of
E1.5-2.5bln. Italy will sell 12-month and flexible BOTs on the same day for a
combined E10.5bn. Belgium will seek to raise E2.8-3.2bn of short and long-dated
TCs. Finland will re-open the Nov 10, 2020 and Feb 9, 2021 bills for a combined
E2.0bn, which will conclude issuance for the week.
- CASH FLOWS: There will be E16.9bn in redemptions which will leave net cash
flows at E19.6bln.
** For further details please see MNI Eurozone T-Bill Calendar.