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EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Six issuers come to the bills market next week,
selling a total of E14.7bln, versus E18.8bln this week.
ISSUANCE: On Monday morning, Germany sells E3bln of new 6-month Dec 11, 2019
Bubill. Also Monday, Netherlands sells between E1.0-2.0bln of 3-month Aug 30,
2019 DTC and E1.0-2.0bln of 6-month Nov 29, 2019. Later Monday, France sells up
to E4.9bln in 3-/6-/12 month BTFs: E2.4-2.8bln of Sep 18, 2019 BTF, E0.7-1.1bln
of Nov 20, 2019 BTF, and E0.6-1.0bln of May 20, 2020 BTF. Then on Tuesday, Spain
sells 3-month Sep 13, 2019 Letra and 9-month Mar 6, 2020 Letra, amount TBA
Monday but MNI estimates between E1.0-1.5bln. On Wednesday, Portugal sells a
combined E1.0-1.25bln in 3-month Sep 20, 2019 BT and 12-month May 15, 2020 BT.
Also Wednesday, the ESM sells E2bln in new 6-month Dec 19, 2019 bills. Finally,
on Thursday, Ireland sells bills, details TBA Monday (MNI expects E0.5bln).
- CASH FLOW: With E9.2bln in redemptions due (Germany E5bln, France E3.8bln,
Ireland E0.5bln), net cash flow will come in at positive E5.4bln, vs negative
E0.4bln this week. ** For full details, please see MNI Eurozone T-Bill auction
calendar.

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