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GERMANY, FRANCE, THE NETHERLANDS, GREECE AND THE ESM WILL SELL T-BILLS THIS WEEK.

EUROZONE T-BILL ISSUANCE

We estimate supply of E19.8bn compared to E22.5bn last week.
- ISSUANCE: Germany will be the first to come to market with a sale of 6-month bubills for E4bn on Monday. The Netherlands will then follow with an auction of 3- and 9-month DTCs for a combined E2-4bn. France will then conclude Monday's issuance with a sale of 3-/6-/12-month BTFs for a combined E5.8-7.0bn. The ESM will sell 3-month bills on Tuesday for E2bn. Greece will wrap up the week's supply with a sale of 3-month bills for E625mn on Wednesday.
- CASH FLOWS: There will be E19.8bn in redemptions which will leave net cash flows at E0bn for the week.
** For further details please see MNI Eurozone T-Bill Calendar

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