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Italy, Belgium,............>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Italy, Belgium, Netherlands, Greece and the ESM will
issue T-Bills next week with total issuance of E12.7bln expected. This compares
to E12.1bln last week. 
- ISSUANCE: The Netherlands will kick off issuance for the week with a tap of
the 6-month Jan 31, 2020 DTC for E2bln on Monday. Belgium will follow on Tuesday
when the 3-month Nov 7, 2019 TC and 12-month Jul 9, 2020 TC will be sold for a
total of E1.6bln. On the same day the ESM will seek to raise E2.5bln from the
sale of the 3-month Nov 7, 2019 T-Bill. Greece will issue a new 3-month Nov 8,
2019 T-Bill for E0.625bln on Wednesday. Italy will end the week with a sale on
Friday, with details to be announced next week.
- CASH FLOWS: There are E6.24bln in redemptions next week (the majority being
from maturing French BTFs; E5.24bln), which will leave cash flows positive at
E6.49bln.
** For full details, please see MNI Eurozone T-Bill auction calendar.

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