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Next week will see an......>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Next week will see an estimated total of E17.2bln in
bill issuance, the highest in five weeks, and up from E12.9bln this week.
Germany, Italy, France, and Spain all come to market.
- ISSUANCE: Germany kicks off issuance on Monday, selling 6-month April 10, 2019
Bubill for E2.0bln. Also Monday, Italy sells E5.5bln of 12-month Nov 14, 2019
BOTs. Later on Monday, France sells E2.6-3.0bln of 3-month Feb 6, 2019 BTF;
E1.1-1.5bln of 6-month Apr 10, 2019 BTF, and E0.7-1.1bln of 12-month Nov 6, 2019
BTF. On Friday, Spain concludes issuance for the week, selling 3-month Feb 15,
2019 Letra and 12-month Nov 15, 2019 Letra, total amount TBA Tuesday but MNI
estimates between E4-5bln.
- CASH FLOWS: With E20.1bln in bill redemptions scheduled, net cash flow will
come in at an estimated negative E2.9bln next week, versus negative E0.4bln this
week.
** For full details of forthcoming issues, see Eurozone T-bill auction calendar

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