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Germany, France, Spain,....>

                                            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.
                                            - RECAP: Germany was the first to issue this week, allotted E5.89bn of 6- and
                                            9-month Bubills. The Netherlands followed with a sale of the Jun 29, 2020 and
                                            Sep 29, 2020 DTCs for a combined E1.89bn. On the same day France sold a
                                            combination of 3-/6-/12-month BTFs for E9.0bn.
                                            - ISSUANCE: Spain will come to market on Tuesday to sell 3-month and 9-month
                                            letras for !.5-2.5bn. 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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