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

EUROZONE T-BILL ISSUANCE: Next week sees an estimated total of E16.7bln in bill

issuance, down slightly from E17.5bln this week. France, the Netherlands,

Belgium, Italy, Greece, Ireland and Spain are all coming to the market.

- ISSUANCE: The Netherlands kick off bill issuance on Monday, selling E1-2bln of

the 3-month Feb 28, 2019 DTC and E1-2bln of the 6-month May 31, 2019 DTC. Later

on Monday France sell E2.2-2.6bln of the 3-month Mar 6, 2019 BTF, and

E0.6-1.0bln of the 6-month May 8, 2019 BTF. On Tuesday, Spain sell an estimated

combined E2.5bln of the 3-month Mar 8, 2019 and 9-month Sep 13, 2019 Letras.

Also Tuesday, Belgium come to market selling a combined E0.8-1.2bln in 12-month

Nov 7, 2019 TCs. On Wednesday Italy will come to market selling 12-month Dec 13,

2019 BOT, amount TBA. Also on Wednesday, Greece sell E0.625bln of 12-month Dec

13, 2019 bills. Thursday, Ireland conclude the week of Euro bill issuance, with

bills offered and amount TBA (on Dec 10), though MNI estimates around E0.5bln. 

- CASH FLOWS: With E13.2bln in bill redemptions scheduled, estimated net cash

flow comes in at positive E3.5bln next week, versus negative E1.0bln last week.

** For full details of forthcoming issues, see Eurozone T-bill auction calendar