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

EUROZONE T-BILL ISSUANCE
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

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