Issuance is expected to....>

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.