Next week issuance is......>

EUROZONE T-BILL ISSUANCE: Next week issuance is expected to moderately increase

to E16bln versus E11.845bln issued this week, with Spain, the Netherlands,

Belgium, France, ESM and Greece scheduled to come to the market. 

- SUPPLY: Due to the Bank Holiday Monday, all bar one of the auctions are on the

Tuesday. Spain will kick off issuance with re-opening of 6-month Oct 12, 2018

Letra and issue of a new 12-month Apr 5, 2019 Letra for a combined amount of

between E4.0-E5.0bln. Belgium then re-opens 3-month July 12, 2018 BTC and at the

same time the Netherlands issue new 6-month Sep 27, 2018 DTC for between

E1.0-E2.0bln. The ESM then issue new 3-month Jul 5, 2018 Bill for up to E2.0bln.

Then in the afternoon France tap 3-month Jun 27, 2018 BTF, tap 6-month Aug 29,

2018 BTF and tap 12-month Feb 27, 2019 BTF. On Wednesday Greece is expected to

issue a new 26-week T-bill for E875mln. 

- REINVESTMENT FLOWS: T-bill redemptions next week are due from France E6.78bln,

Spain E7.747bln, Greece E1.4bln and the ESM E2.0bln, turning net cash flow

negative to the tune of approx E0.5bln vs -E4.75bln this week.