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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
come to market. We estimate supply of E19.4bln vs E13.8bln last week.
- 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. France followed with a sale of
3-/6-/12-month BTFs for a combined
E5.0bln. Spain auctioned 3-month and 9-month letras on Tuesday for E1.63bln,
while Belgium sold E2.0bln in 3-month and 11-month TCs/
- ISSUANCE:  Italy will sell E6.0bln in 12-month BOTs, 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 -E0.4bln for
the week.
** For further details please see MNI Eurozone T-Bill calendar

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