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EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Germany, France, Italy, Spain, the Netherlands,
Belgium, Finland, Slovenia and the ESM will sell bills this week. We estimate
supply of E41.5bn (from  E43.1bln prev.) compared to E17.1bln last week.
- RECAP: Germany was the first to auction this week, allotting a combined
E5.71bn of the Sep 9, 2020 and Mar 3, 2020 bubills. The Netherlands then sold
3-/9-/12-month DTCs for E4.89bn. France concluded Monday's issuance with a sale
of 3-/6-/12-month BTFs for E8.49bn.
- ISSUANCE: Spain will come to market on Tuesday to sell 6- and 12-month letras
for E6.0-7.0bn. Belgium will then sell the Sep 10, 2020 and May 13, 2021 TCs for
E2.2-2.6bn. Finland will sell 9- and 12-month bills for E1bn. Slovenia will sell
a combination of 3-/6-/18-month bills. The ESM will auction 12-month bills with
target volumes yet to be announced. On Wednesday Italy will sell 12-month BOTs
for E7.0bn. Greece will conclude with an auction of 12-month bills for E1bn.
- CASHFLOWS: There will be E29.5bln in redemptions which will leave net
cashflows at E13.6bln for the week.
** For further details please see MNI Eurozone T-Bill Calendar

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