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Free AccessGERMANY, FRANCE, ITALY, SPAIN, THE NETHERLANDS, BELGIUM AND ESM WILL ISSUE T-BILLS THIS WEEK.
While EGB issuance will slow significantly this week, there remains considerable European T-bill supply coming to market with Germany, France, Italy, Spain, the Netherlands, Belgium and the ESM due to hold auctions. We estimate supply of E36.1bn compared to E14.4bn last week.
- ISSUANCE: Germany will be the first up with a tap of 3- and 9-month bubills for a combined E8bn on Monday. The Netherlands will then sell 6- and 12-month DTCs for E2.0-4.0bn. France will conclude Monday's issuance with a sale of 3-/6-/12-month BTFs for E5.6-6.8bn. Spain comes to market on Tuesday to auction 6- and 12-month letras with target volumes TBA. Belgium will follow with a sale of short and long TCs for E2.0-2.4bn. The ESM concludes Tuesday's issuance with a new 12-month bill issue for up to E1.5bn. Italy will wrap up this week's auctions with a sale of 12-month BOTs on Wednesday.
- CASH FLOWS: E8.3bn in redemptions will leave net cash flows at E27.8bn for the week.
** For further details please see MNI Eurozone T-Bill Calendar
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.