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Italy and Greece come to...>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Italy and Greece come to the Eurozone T-bill issuance
market Wednesday. Issuance is now estimated to total E19.9bln versus E9.419bln
issued last week.
- SUPPLY: Italy issue a new 12-month Jan 14, 2019 BOT for E7.5bln. Greece then
issue a new 13-week Apr 13, 2018 T-bill for E625mln.
- RECAP: To recap issuance so far this week, on Monday the Netherlands allotted
E1.38bln of a new 6-month DTC. In the afternoon France allotted E3.397bln tap of
a 3-month BTF, E1.05bln tap of a 6-month BTF and E1.3bln of a new 12-month BTF.
On Tuesday Belgium allotted E620mln in 4-month BTC and E1.91bln in new 12-month
BTC. The ESM then allotted E1.99bln in new 3-month Bills.
- REINVESTMENT FLOWS: T-bill redemptions this week are due from France
E6.341bln, Germany E2.0bln, Belgium E3.889bln, Italy E7.7bln, ESM E1.497bln and
Greece E1.0bln, turning net cash flow negative to the tune of E2.5bln vs
+E7.4bln last week.

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