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On Thursday, Italy will....>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: On Thursday, Italy will complete the week of eurozone
bill issuance, selling 12-month BOT for E6bln.
- RECAP: Germany kicked off issuance on Monday, re-opening 6-month Feb 13, 2019
Bubill for E2.0bln. France followed up later Monday, re-opening 3-month Dec 12,
2018 BTF for E2.9bln, 6-month Feb 13, 2019 for E1.2bln, 9-month May 22, 2019 for
E0.4bln, and 12-month Aug 14, 2019 for E1.1bln, for a total of E5.6bln. On
Tuesday, Spain sold E4.5bln vs E4.0-5.0bln target, including E370.1mln of
6-month Mar 8, 2019 letra and E4.1705bln of new 12-month Sep 13, 2019 letra.
Also Tuesday, Belgium sold E2.675bln in 4-/12-mth T-bills vs target E2.4-2.8bln,
including E0.8bln Jan 10, 2019 TC and E1.875bln of Sep 12, 2019 TC.
- REINVESTMENT FLOWS: T-Bill issuance will total an estimated E20.77bln this
week, MNI estimates, vs redemptions totalling E28bln leaving cash flow net
negative to the tune of E7.2bln.
** For full details of forthcoming issues, see Eurozone T-bill auction calendar.

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