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EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Germany, France, Spain, the Netherlands, Portugal,
Ireland and the ESM will issue bills this week. We estimate supply of E23.75bn
compared to E40.4bn last week.
- ISSUANCE: Germany will be the first to auction with a sale of 6-month bubills
for E4.0bn on Monday. The Netherlands will follow with a sale of
2.5-/5.5-/7.5-month DTCs for a combined E3.0-6.0bn. The ESM will then sell
6-month bills for E2bn. France will conclude Monday's issuance with a sale of
3-/6-/12-month BTFs for E6.9-8.5bn. Spain will issue 3-/9-month letras on
Tuesday with details TBA. Portugal will sell 3-month and 11-month bills for
E1.0-1.25bn on Wednesday. Ireland is scheduled to sell bills on Thursday with
details TBA.
- CASH FLOWS: There will be E9.1bn in redemptions which will leave net cash
flows at E14.7bln.
** For further details please see MNI Eurozone T-Bill Calendar

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