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Germany, France, Spain,....>

EUROZONE T-BILL ISSUANCE: Germany, France, Spain, the Netherlands, Belgium,
Greece and the ESM will issue T-bills this week. We estimate supply of E32bln
compared to E29.8bln last week.
- ISSUANCE: Germany will sell 6- and 9-month bubills on Monday for a combined
E8bn. On the same day the Netherlands will sell the Oct 29, 2020 DTC for
E1.0-2.0bn. France will then auction a combination of 3-/6-/12-month BTFs for a
combined 6.9-9.5bn. Spain will come to market on Tuesday to sell 6- and 12-month
letras with volumes TBA. Belgium will then auction Sep 10, 2020 and Nov 12, 2020
bills for a combined E1.8-2.2bn. The ESM will auction 3-month bills for E2.5bn.
Greece concludes T-bill issuance for the week with a sale of 3-month bills for
- CASH FLOWS: There will be E11.5bln of redemptions which will leave net cash
flows at E20.5bln for the week.
** For further details please MNI Eurozone T-Bill Calendar

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