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Issuance this week will....>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Issuance this week will total E21.3bln, with seven
countries coming to market, vs issuance of E11.0bln last week.
- ISSUANCE: On Monday, Germany kicks off weekly issuance by selling 6-month
Bubill for E2.0bln. Later Monday, France sells up to E4.8bln in BTFs:
E2.1-2.5bln of 3-month, E0.7-1.1bln of 6-month, and E0.8-1.2bln of 12-month. On
Tuesday, Spain sells 6- and 12-month Letra, amount TBA but MNI estimates between
E4-5bln. Also Tuesday, Belgium sells a combined E2.4-2.8bln of 4-month and
12-month TCs, and Slovenia sells 3- and 12-month T-bills, amount TBA - MNI
estimates E0.1bln total.
- On Wednesday, Italy sells E6.5bln of 12-month BOT, then Greece concludes
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 E4bln, vs positive E5.5bln last week.
** For further details please see MNI T-Bill Issuance Calendar.

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