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On Tuesday, Spain..........>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: On Tuesday, Spain re-opens 6-month Mar 8, 2019 Letra
and sells new 12-month Sep 13, 2019 Letra for E4-5bln. Later on Tuesday, Belgium
sells 4-month Jan 10, 2019 T-bill and 12-month Sep 12, 2019 T-bill, for
E2.4-2.8bln. Wrapping up the week on Thursday, Italy sells 12-month BOT for
E6bln. T-Bill issuance this week picks up to the most in 9 weeks to around
E20.7bln, compared with 11.3bln last week. 
- 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. 
- REINVESTMENT FLOWS: Heavy redemptions totalling E28bln will provide some
support to this week's sales, leaving cash flow net negative to the tune of
E7.3bln, compared with positive E10.3bln last week.
** For full details of forthcoming issues, please see Eurozone T-bill auction
calendar.

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