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Italy and Greece comes.....>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Italy and Greece comes to the Eurozone T-bill issuance
market Wednesday. Issuance is now estimated to total E20.7bln versus E11.66bln
issued last week.
- SUPPLY: Italy issues a new 12-month Jul 12, 2019 BOT for E6.0bln. Greece then
launch a new 13-week Oct 12, 2018 T-bill for E625mln.
- RECAP: To recap issuance so far this week, on Monday Germany allotted E1.56bln
in a tap of Dec 5, 2018 Bubill. In the afternoon France allotted E2.997bln tap
of 3-month BTF, E996mln of a new 6-month BTF and E793mln tap of a 12-month BTF.
On Tuesday Spain allotted E555mln 6-month Letra and E4.175bln of a new 12-month
Letra. Belgium then allotted E1.14bln in 4-month T-bills and E1.86bln in a new
12-month T-bill. 
- REINVESTMENT FLOWS: T-bill redemptions this week are due from France E7.38bln,
Belgium E5.997bln, Spain E7.1bln, Greece E1bln and Italy E6.75bln turning net
cash flow negative to the tune of E7.55bln vs +E1.33bln last week.

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