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Germany, France, Spain,....>

EUROZONE T-BILL ISSUANCE: Germany, France, Spain, Netherlands, Belgium,
Portugal, Ireland, Slovenia and the ESM will issue bills this week. We estimate
supply of E30.1bn compared to E38.5bn last week.
- RECAP: Germany was the first to auction with a sale of 3- and 9-month bubills
on Monday and allotted E5.6bn. The Netherlands followed with a sale of 6.5- and
11.5-month DTCs for E3.71bn. France conclude Monday's issuance with a sale of
3-/6-/12-month BTFs for a combined E8.79bn.
- ISSUANCE:  Spain will sell 3- and 9-month letras on Tuesday for E2.5-3.5bn. 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 of 5-month bills for E750mn Thursday.
- CASH FLOWS: E27.6bn of redemptions will leave net cash flows at E2.5bn for the
week. ** For further details please MNI Eurozone T-Bill Calendar

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