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Germany, France, Spain,....>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Germany, France, Spain, the Netherlands and the ESM
will issue bills this week. We estimate supply of E22bn vs E24.9bln last week.:
- ISSUANCE: Germany will be the first to issue this week with a sale of 6-month
bubills for E4.0bn on Monday. The Netherlands will follow with a sale of the Jun
29, 2020 and Sep 29, 2020 DTCs for a combined E1-3bn. On the same day France
will sell a combination of 3-/6-/12-month BTFs for E7.4-9.0bn. Spain will come
to market on Tuesday to sell 3-month and 9-month letras with target volumes yet
to be announced. The ESM will conclude issuance for the week with a sale of
6-month bills for E2bn. 
- CASH FLOWS: There will be E6.6bn in redemptions which will leave net cash
flows at E15.4bln for the week.
** For further details please see MNI Eurozone T-Bill Calendar

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