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Germany, France, Italy,....>

EUROZONE T-BILL ISSUANCE: Germany, France, Italy, Spain, the Netherlands,
Belgium, Finland, Greece Slovenia and the ESM sold bills this week. Supply came
to E40.4 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. Spain came to market on Tuesday to sell 6-
and 12-month letras for E6.9bn. Belgium sold a combined E2.6bn of the Sep 10,
2020 and May 13, 2021 TCs. Finland sold E1bn of 9- and 12-month bills. The ESM
then placed E1.5bn of 12-month bills. Slovenia sold a combination of
3-/6-/18-month bills for a total of E208mn. On Wednesday Italy  sold 12-month
BOTs for E7.0bn. Greece concluded issuance for the week with a E1.3bn sale of
12-month bills.
- 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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