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Germany, France, Spain,....>

EUROZONE T-BILL ISSUANCE: Germany, France, Spain, Netherlands, Belgium,
Portugal, Slovenia and the ESM will issue bills this week. We estimate supply of
E30.1bn compared to E38.5bn last week.
- ISSUANCE: Germany will be the first to auction with a sale of 3- and 9-month
bubills for a combined E8bn on Monday. The Netherlands will follow with a sale
of 6.5- and 11.5-month DTCs for E2-4bn. France will conclude Monday's issuance
with a sale of 3-/6-/12-month BTFs for a combined E7.2-8.8bn. Spain will sell 3-
and 9-month letras on Tuesday with issue volumes TBA. On the same day Belgium
will sell Nov 12, 2020 and Jul 15, 2021 TCs for E2.4-2.8bn. The ESM will sell
12-month bills for E1.5bn. Slovenia will auction 6-month and 15-month bills with
volumes TBA. Portugal will come to market on Wednesday to sell 6- and 12-month
bills for E1.5-1.75bn. Ireland will round off issuance for the week with an
auction on Thursday.
- CASH FLOWS: E27.6bn of redemptions will leave net cash flows at E2.5bn for the
** For further details please MNI Eurozone T-Bill Calendar

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