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Issuance has been..........>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Issuance has been completely for this week and
totalled E20.5bln, with seven countries coming to market, vs issuance of
E11.0bln last week.
- RECAP: Germany allotted E1.44bln of 6-month Feb 12, 2020 Bubills on Monday.
France followed with a sale of 3-month Dec 11, 2019 BTFs, 6-month Feb 12, 2020
BTFs and 12-month Aug 12, 2020 BTFs. Spain sold E4.8bln of letras on Tuesday:
the 6-month Mar 6, 2020 and the 12-month Sep 11, 2020 letra. On the same day
Belgium sold 4-month Jan 16, 2020 bills and 12-month Sep 10, 2020 bills for a
combined E2.66bln. On Wednesday, Italy sold E6.5bln of 12-month BOT, then Greece
concluded weekly issuance by selling E0.625bln of 12-month bills.
- CASH FLOWS: E25.3bln in bill maturities this week (the 3rd-highest weekly
total of the year) led by France, Belgium, Spain and Italy will leave net cash
flow at negative E4.8bln, vs positive E5.5bln last week. ** For further details
please see MNI T-Bill Issuance Calendar.

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