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EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Ireland comes to the Eurozone T-bill issuance market
Thursday with launch of a new 12-month Dec 17, 2018 T-bill for E500mln. Issuance
is now estimated to total E19.7bln versus E17.666bln issued last week.
- RECAP: To recap issuance so far this week, on Monday the Netherlands allotted
E1.11bln of a 2.5-mth DTC and E1.18bln of a 5.5-mth DTC. In the afternoon France
allotted E3.499bln tap of a 3-mth BTF, E1.596bln tap of a 6-month BTF and
E1.0bln of a new 12-mth BTF. On Tuesday Spain allotted E1.0bln in 3-month Letra
and E1.887bln 9-month Letra. Italy sold a new 12-month BOT for E4.75bln and then
Belgium allotted E575mln in re-opening of 3-month TC and E1.301bln of a new
12-month TC. On Wednesday Greece sold E1.3bln of a 13-week T-bill.
- REINVESTMENT FLOWS: T-bill redemptions this week are due from France
E5.886bln, Germany 2.0bln, Greece E1.6bln, Belgium E4.565bln and Italy E4.75bln,
turning net cash flow positive to the tune of E900mln vs -E3.31bln last week.

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