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Next week, T-bill..........>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Next week, T-bill issuance is expected rise sharply to
E22.5bln vs E8,368bln this week, with the Netherlands, France, Belgium, Spain,
ESM, Italy and Greece scheduled to come to the market. 
- SUPPLY: The Netherlands kicks off issuance on Monday with launch of a new
6-mth Oct 31, 2018 DSL for E1.0-E2.0bln. In the afternoon France issue new 3-mth
Aug 8, 2018 BTF for E2.9-E3.3bln, tap 6-mth Sep 26, 2018 BTF for E0.6-E1bln and
12-mth Apr 25, 2019 BTF for E0.9-E1.3bln. On Tuesday Spain re-opens 6-mth Nov
16, 2018 Letra and launch a new 12-mth May 10, 2019 Letra with size announced
Monday but expected to be for up to E4bln. Belgium then re-open 4-mth Sep 13,
2018 TC and issue new 12-mth May 9, 2019 TC for E2.4-E2.8bln. The ESM then issue
new 3-mth Aug 9, 2018 Bill for up to E2bln. On Wednesday Greece launch a new
13-week Aug 10, 2018 T-bill for E875mln. Then on Thursday Italy issue new 12-mth
BOT with announcement on Monday but expected for up to E6bln.
- REINVESTMENT FLOWS: T-bill redemptions next week are due from France
E5.682bln, Spain E8.359bln, Belgium E5.096bln, ESM E1.996bln and Greece for
E1.4bln turning net cash flow negative to the tune of E30mln.

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