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It will be a relatively....>

EUROZONE T-BILL ISSUANCE: It will be a relatively busy week for T-bill issuance
this week. Germany, France, Italy, Spain, the Netherlands, Belgium and Greece
are expected to come to market. We estimate supply of E20.5bln vs E13.8bln last
- RECAP: Germany kicked off issuance for the week with a sale of 6-month
Bubills, with E1.5bln allotted. On the same day the Netherlands sold 3-month and
6-month DTCs for a combined E2.6bln.
- ISSUANCE: France will follow with a sale of 3-/6-/12-month BTFs for a combined
E3.0-4.2bln. Spain will auction 3-month and 9-month letras on Tuesday with
volumes to be announced. On the same day Belgium will sell 3-month and 11-month
bills for E1.8-2.2bln. Italy is scheduled to auction bills on Wednesday, with
Greece concluding issuance for the week with a sale of 12-month bill for
- CASHFLOWS: E19.7bln in redemptions will leave net cash flows at E0.8bln for
the week.
** For further details please see MNI Eurozone T-Bill calendar

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