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EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Germany, France, Spain, the Netherlands, Portugal and
the ESM will issue T-Bills this week. We estimate supply at E12.6bln for the
week compared to E20.8bln last week.
- RECAP: Germany allotted E1.39bln of 6-month bubills on Monday. The Netherlands
followed with a combined E2.36bln sale of 2.5-month and 5.5 month DTCs. France
then sold a combination of 3-/6-/12-month BTFs for E4.39bln. 
- ISSUANCE: Spain will then auction 3-month and 9-month letras on Tuesday for
E1.0-2.0bln. The ESM will sell 6-month bills for E1.5bln on the same day. On
Wednesday Portugal will sell the May 22, 2020 BT and Jan 15, 2021 BT for a
combined E1.0-1.25bln. Finally, Ireland is scheduled to issue T-bills on
Thursday with details yet to be nnounced.
- CASH FLOWS: There will be E5.4bln on redemptions which will leave net cash
flows at E12.6bln for the week.
** For further details please see MNI Eurozone T-Bill Calendar

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