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Germany, France, Spain.....>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Germany, France, Spain and Belgium will issue T-bills
this week with supply estimated at E12.8bln compared to E20.9bln last week.
- ISSUANCE: Germany will be the first to issue with a sale of 3-month bubills
for E2.0bln on Monday. France will sell 3-/6-/12-month BTFs for a combined
E3.3-4.5bln on the same day. On Tuesday Spain will sell 6-/12-month letras with
volumes to be announed. Belgium will conclude issuance for the week with a
E2.6-3.0bln tap of 4-month and 12-month bills.
- CASH FLOWS: There are E21.1bln in redemptions which will leave net cash flows
at E-8.3bln for the week.

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