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Portugal comes to the......>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Portugal comes to the Eurozone T-bill issuance market
Wednesday with re-opening of Jul 20, 2018 T-bill and issue new 12-month Jan 18,
2019 T-bill for a combined total of between E1.5-E1.75bln. Issuance is now
estimated to total E14.4bln versus E19.969bln issued last week.
- RECAP: To recap issuance so far this week, on Monday the Netherlands allotted
E1.59bln tap of a 3-month DTC and E1.26bln tap of a 6-month DTC. In the
afternoon France allotted E3.394bln in a new 3-month BTF, E1.196bln tap of a
6-month BTF and E1.093bln tap of a 12-month BTF. On Tuesday Spain allotted
E590mlkn in re-opening of 6-month Letra and E3.575bln in new 12-month Letra.
- REINVESTMENT FLOWS: T-bill redemptions this week are due from France
E5.974bln, Spain E7.706bln and Portugal E3.466bln, turning net cash flow
negative to the tune of E2.7bln vs +E2.46bln last week.
** For full details of forthcoming issues, please see Eurozone T-bill auction
calendar

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