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Issuance is expected to....>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Issuance is expected to increase to E20.5bln this week
versus E17.666bln issued last week, with the Netherlands, France, Spain,
Belgium, Italy, Greece and Ireland scheduled to come to the market.
- SUPPLY: The Netherlands is up first on Monday with re-opening of 2.5-mth Fen
28, 2018 DTC for E1-E2bln and 5.5-mth May 31, 2018 DTC for E1-E2bln. In
afternoon France tap 3-mth Mar 7, 2018 BTF for E3.1-E3.5bln, tap 6-mth May 9,
2018 BTF for E1.2-E1.6bln and issue new 12-mth Dec 5, 2018 BTF for E0.9-E1.3bln.
On Tuesday, Spain re-open 3-mth Mar 9, 2018 Letra and 9-mth Sep 14, 2018 Letra
with size announced on Monday but expected to be for up to E3.5bln. Italy issue
new 12-mth Dec 14, 2018 BOT for E4.75bln. Then Belgium then re-open 3-mth Mar 8,
2018 TC and issue new 12-mth Dec 13, 2018 TC for between E1.7-E2.1bln. Wednesday
Greece issue new 13-week Mar 16, 2018 T-bill for E1.0bln and finally on Thursday
Ireland is expected to issue new 12-mth T-bill for E500mln.
- 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 E1.75bln vs -E3.31bln last week.

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