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Germany, France, Spain,....>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Germany, France, Spain, Belgium and Portugal will
issue T-bills this week with supply estimated at E16.0bln compared to E20.9bln
last week.
- RECAP: Germany was the first to issue this week, E1.885bln of 3-month bubills
on Monday. France sold a cumulative E4.49bln of 3-/6-/12-month BTFs on the same
day. Spain sold E5.1bln in letras on Tuesday, while Belgium sold E2.8bln in
4-month and 12-month bills. 
- ISSUANCE: Portugal will conclude issuance for the week with a E1.5-1.75bln
combined sale of 6-month and 12-month BTs on Wedneday.
- CASH FLOWS: There are E21.1bln in redemptions which will leave net cash flows
at E-5.1bln for the week.

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