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Only France and Italy......>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Only France and Italy sell bills this week, for a
Eurozone-wide total of E10.9bln, versus E15.2bln last week.
- RECAP: On Monday, France sold 3-/6-/12-month BTFs as usual. This week's sale
totaled E5.0bln: E2.6bln of 3-month Sep 18, 2019 BTF, E1.3bln of 6-month Nov 20,
2019 BTF, and E1.1bln of new 12-month Jun 17, 2020 BTF.
- ISSUANCE: On Thursday, Italy sells E6bln of 6-month Dec 31, 2019 BOTs.
- CASH FLOW: With E16.1bln in bill redemptions scheduled for this week (France
E5.2bln, Italy E7.1bln, Netherlands E3.8bln), cash flow will come in at negative
E5.2bln, versus positive E6.0bln last week.
** For full details, please see MNI Eurozone T-Bill auction calendar.

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