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

EUROZONE T-BILL ISSUANCE: Next week will see an estimated E11.7bln in bill

sales, down from E19.7bln this week, and below the E14.6bln weekly 2019 average.

- ISSUANCE: The Netherlands begins issuance Monday morning, selling E1.0-2.0bln

of 3-month May 31, 2019 DTC and E1.0-2.0bln of 6-month Aug 30, 2019 DTC. On

Monday afternoon, France sell 3-/6-/12-month BTFs for up to E4.8bln: E2.2-2.6bln

of Jun 13, 2019 BTF; E0.7-1.1bln of Aug 28, 2019 BTF; and E0.7-1.1bln of Feb 26,

2020 BTF. On Tuesday, the ESM sells E2.5bln of 6-month Sep 19, 2019 bills.

Finally, on Wednesday Portugal concludes bill issuance for the week, selling a

combined E1.25-E1.5bln of 6-month Sep 20, 2019 BT and 12-month Mar 20, 2020.

- CASH FLOW: With E4.8bln in redemptions, including Portugal (E2.3bln) and the

ESM (E2.0bln), cash flow next week will come in at an estimated positive

E6.9bln, versus positive E7.4bln this week.

** For full details, please see MNI Eurozone T-Bill auction calendar