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Italy come to the..........>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Italy come to the Eurozone T-bill issuance Friday with
with launch of a new 12-month Nov 14, 2018 BOT for E5.5bln. Issuance is now
estimated to total E16.6bln versus E7.486bln issued last week.
- RECAP: To recap issuance so far this week, on Monday the Netherlands allotted
E1.49bln in a new 6-month DTC. In the afternoon France allotted E2.995bln in new
3-month BTF, E1.194bln of a 6-month BTF and E1.197bln of a 12-month BTF. On
Tuesday Belgium allotted E380mln in re-opening of 3-month TC and E1.215bln in a
new 12-month TC. The ESM then allotted E1.4967bln in a 3-month Bill.
- REINVESTMENT FLOWS: T-bill redemptions this week are due from France E6.96bln,
Italy E6.6bln and Netherlands E4.45bln and Greece E1.4bln, turning net cash flow
negative to the tune of E13bln vs +E4.5mln last week.

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