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Germany, France, Spain,....>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Germany, France, Spain, the Netherlands and the ESM
are scheduled to issue T-bills this week. We estimate supply for E9.4bln down
from E16.0bln last week.
- ISSUANCE: Germany will be the first to issue with a tap of the Jun 10 2020
bubill for E1.5bln on Monday. The Netherlands will then auction the Mar 31 2020
DTC for E1.0-2.0bln. France will sell a combination of 3-/6-/12-month BTFs for
E2.8-4.0bln. On Tuesday Spain will sell 3-month and 9-month letras with volumes
to be announced ahead of the auction. The ESM will conclude issuance for the
week with a sale of 6-month bills for E3.0bln.
- CASH FLOWS: There will be E5.5bln in redemptions which will leave net cash
flows at E3.9bln for the week.
** For further details please see MNI Eurozone T-Bill Calendar

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