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EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Germany, France, Italy, Spain, the Netherlands,
Belgium and the ESM are due to issue T-bills this week. We estimate supply of
E33bn compared to E12.9bn last week.
- ISSUANCE: Germany will be the first to come to market with a sale of 6-month
bubills for E4bn on Monday. The Netherlands will then sell 3- and 9-month DTCs
for E2.0-4.0bn. France will conclude Monday's issuance with an auction of
3-/6-/12-month BTFs for E7.8-9.0bn. Spain is scheduled to sell 6- and 12-month
letras on Tuesday with details TBA. On the same day, Belgium will sell Nov 12,
2020 and Jan 14, 2021 TCs for E1.8-2.2bn. The ESM will then sell 3-month bills
for E2bn. Italy will conclude issuance for the week with a sale of BOTs with
details TBA.
- CASH FLOWS: There will be E38.3bn in redemptions which will leave net cash
flows at E-5.3bn for the week.
** For further details please see MNI Eurozone T-Bill Calendar.

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