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Next week sees an..........>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Next week sees an estimated total of E13.5bln in bill
issuance, marginally up from E12.3bln this week.
ISSUANCE: Germany kick of T-bill issuance on Monday coming to market for E2.0bln
of 3-month Bubills. Later on Monday France tap the market for a combined
E4.0-5.2bln. This includes E2.9-3.3bln of 3-month BTFs, E0.7-1.1bln of 6-month
BTFs and E0.4-0.8bln of 12-month BTFs. Italy wrap up eurozone weekly T-bill
issuance on Wednesday tapping the market for E6.5bln of 6-month May 31, 2019
BOT.
CASH FLOW: With E16.5bln in bill redemptions scheduled, estimated net cash flow
comes in at negative E3.3bln next week, versus positive E7.25bln this week.
** For full details of forthcoming issues, see Eurozone T-bill auction calendar.

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