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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 Jan 18, 2019 T-bill and issue a new 12-month Jul
19, 2019 T-bill for combined amount of E1.25-E1.75bln. Issuance is now estimated
to be E13.1bln versus E20.9bln issued last week.
- RECAP: To recap issuance so far this week, on Monday the Netherlands allotted
E1.58bln in a re-opening of Sep 29, 2018 DTC. In the afternoon France allotted
E3.294bln of a new 3-month BTF, E1.096bln tap of 6-month BTF and E995mln tap of
a 12-month BTF. On Tuesday Spain allotted E735mln in 3-month Letra and E1.765bln
in 9-month Letra. While the ESM allotted E1.922bln in 6-month Bills.
- REINVESTMENT FLOWS: T-bill redemptions this week are due from France
E3.632bln, Portugal E2.937bln, and ESM E2bln turning net cash flow positive to
the tune of E4.6bln vs -E7.4bln last week.

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