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Spain and Belgium both.....>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Spain and Belgium both come to the Eurozone T-bill
issuance market Tuesday. Issuance is now estimated to total E19bln versus
E9.949bln issued last week.
- SUPPLY: Spain is up first with re-opening of 6-month Apr 6, 2018 Letra and
issue of a new 12-month Oct 12, 2018 Letra for a combined amount of between
E4.5-E5.5bln. Belgium then re-open 3-month Jan 11, 2018 T-bill and issue new
12-month Oct 11, 2018 T-bill for between E1.9-E2.3bln. Still to come this week
on Wednesday Italy issue a new 12-month Oct 12, 2018 BOT for E6.0bln. While
Greece issue a new 13-week Jan 12, 2018 T-bill for E625mln.
- RECAP: To recap issuance so far this week, on Monday German allotted E1.015bln
in new 6-month Bubill. In the afternoon France allotted E3.916bln in a new
3-month BTF and E1.196bln in tap of 6-month BTF. 
- REINVESTMENT FLOWS: T-bill redemptions this week are due from France
E6.152bln, Greece E1bln, Germany E2.0bln, Spain E8.677bln, Belgium E3.56bln and
Italy for E6.25bln turning net cash flow negative to the tune of E8.5bln vs
+E270mln last week.

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