Italy and Greece both......>

EUROZONE T-BILL ISSUANCE: Italy and Greece both come to the Eurozone T-bill

issuance market Wednesday. Issuance is now estimated to total E19.1bln versus

E9.949bln issued last week.

- SUPPLY: Italy is scheduled up first with a new 12-month Oct 12, 2018 BOT for

E6.0bln. Greece then issue a new 13-week Jan 12, 2018 T-bill for E625mln.

- RECAP: To recap issuance so far this week, on Monday German allotted E1.015bln

in new 6-month Bubill. In the afternoon France allotted E2.591bln in re-opening

of 3-month BTF and E1.594bln in a new 6-month BTF. On Tuesday Spain allotted

E860mln in re-opening of 6-month Letra and E4.08bln in a new 12-month Letra.

Belgium then re-opened 3-month T-bill for E601mln and issued new 12-month T-bill

for E1.501bln.

- REINVESTMENT FLOWS: T-bill redemptions this week are due from France

E6.152bln, Greece E1bln, Germany E2.0bln, Spain E8.677bln, Belgium E3.56bln and

Italy for E6.25bln turning net cash flow negative to the tune of E8.5bln vs

+E270mln last week.