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

EUROZONE T-BILL ISSUANCE

We now estimate supply of E16.2bn compared to E22.5bn last week.

- RECAP: Germany allotted E3.56bn of 6-month bubills on Monday. The Netherlands then sold a combined E2.61bn of 3- and 9-month DTCs. France concluded Monday's issuance with a sale of 3-/6-/12-month BTFs for E6.99bn. The ESM sold E1.998bn of 3-month bills on Tuesday.

- ISSUANCE: 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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