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Portugal comes to the......>

EUROZONE T-BILL ISSUANCE: Portugal comes to the Eurozone T-bill issuance market
Wednesday with re-opening of 3-month May 18, 2018 T-bill and 11-month Jan 18,
2018 T-bill for a combined amount of between E1.0-E1.25bln. Issuance is now
estimated to be E13.4bln versus E18.882bln issued last week.
- RECAP: To recap issuance so far this week, on Monday the Netherlands re-opened
2.5-month DTC for E1.28bln and 5.5-month DTC for E1.17bln. In the afternoon
France allotted E3.295bln in tap of 3-month BTF, E1.593bln of a new 6-month BTF
and E1.495bln tap of a 12-month BTF. On Tuesday Spain allotted E310mln in
3-month Letra and E1.0bln in 9-month Letra. While the ESM allotted E1.996bln in
6-month Bills.
- REINVESTMENT FLOWS: T-bill redemptions this week are due from France E7.516bln
and the ESM E1.484bln, turning net cash flow positive to the tune of E4.4bln vs
-E4.3bln last week.

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