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EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Germany, France, Spain, the Netherlands and the ESM
issued bills this week, with supply coming to E21.7bn 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. Spain sold E2.95bn of 3-month and
9-month letras on Tuesday and the ESM sold E2bn in 6-month bills.
- CASH FLOWS: There will be E6.6bn in redemptions which will leave net cash
flows at E15.1bln for the week.
** For further details please see MNI Eurozone T-Bill Calendar

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