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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 European T-Bill issuance
this week, as well as there being sizeable redemptions. Germany, France, Italy,
Spain, Belgium and Finland will come to market with total supply estimated at
E20.8bln compared to E10.4bln last week.
- RECAP: Germany was the first to auction T-bills with a E2.7bln allotment of
6-month bubills on Monday. Finland followed with a sale of 3-/6-month bills for
a combined E1.5bln. France sold 3-/6-/12-month BTFs for a combined E4.5bln. On
Tuesday Spain sold 6- and 12-month letras for E4.5bln. Belgium then sold the May
14 2020 and Jan 13 2021 bills for a combined E2.1bln. Italy came to market on
Wednesday with a E6.0bln tap of 12-month BOTs
- CASH FLOWS: There will be E27.4bln in redemptions which will leave net cash
flows at E-6.6bln for the week.
** For further details please see MNI Eurozone T-Bill auction calendar.

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