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It will be a busy week.....>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: It will be a busy week for issuance this week with
France, Italy, Spain, Belgium, the Netherlands, the ESM and Slovenia coming to
market. Total issuance is estimated at E21.8bln compared to E6.4bln last week.
- RECAP: The Netherlands was the first to issue this week with a sale of the
6-month Mar 31, 2020 DTC for E1.1bln. France followed with a sale of
3-/6-/12-month BTFs for a combined E4.89bln. The ESM raised E3.5bln from the
3-month Sep 9, 2020 bill on Tuesday. On the same day Belgium tapped the Jan 16,
2020 TC and the Sep 10, 2020 TC for E1.65bln. Slovenia raised E72mn from T-bill
sales on Tuesday.
- ISSUANCE: Italy will sell 12m BOTs on Thursday for E6.0bln.
- CASHFLOWs: There will be E7.2bln in redemptions which will leave net cash
flows at E14.6bln.

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