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Next week sees the.........>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Next week sees the Netherlands, France, Belgium, the
ESM, and Greece come to market, selling E10.4bln in bills, v E13.0bln this week.
- ISSUANCE: On Monday, the Netherlands will sell E1.0-2.0bln in new 6-month Nov
29, 2019 DTC. Later Monday, France sells up to E4.9bln in BTFs: E2.2-2.6bln of
3-month Sep 4, 2019 BTF, E0.6-1.0bln of 6-month Oct 23, 2019 BTF, and
E0.9-1.3bln of 12-month May 20, 2020 BTF. On Tuesday, Belgium sells E0.6-1.0bln
of 3-month Sep 12, 2019 TCs. Later on Tuesday, the ESM sells E2bln of new
3-month Sep 5, 2019 bills. On Wednesday, Greece concludes Eurozone bill issuance
for the week, selling E1.25bln of new 6-month Dec 6, 2019 bills.
- CASH FLOW: There are E5.1bln of bills maturing next week (France E3.1bln,
Greece E2.0bln), bringing net cash flow to positive E5.3bln, versus negative
E2.9bln this week.
** For full details, please see MNI Eurozone T-Bill auction calendar.

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