Spain and Belgium come.....>

EUROZONE T-BILL ISSUANCE: Spain and Belgium come to the Eurozone T-bill issuance

market Tuesday. Issuance is now estimated to total E20.3bln versus E11.66bln

issued last week.

- SUPPLY: Spain is scheduled up first with re-opening of Jan 18, 2019 Letra and

issue new 12-month Jul 12, 2019 for between E4.0-E5.0bln. Belgium then re-open

Nov 8, 2018 T-bill and issue new 12-month Jul 11, 2019 T-bill for a combined

amount of between E2.6-E3.0bln. Still to come this week, on Wednesday Italy

issues new 12-month Jul 12, 2019 BOT for E6.0bln. Greece then launch a new

13-week Oct 12, 2018 T-bill for E625mln.

- RECAP: To recap issuance so far this week, on Monday Germany allotted E1.56bln

in a tap of Dec 5, 2018 Bubill. In the afternoon France allotted E2.997bln tap

of 3-month BTF, E996mln of a new 6-month BTF and E793mln tap of a 12-month BTF. 

- REINVESTMENT FLOWS: T-bill redemptions this week are due from France E7.38bln,

Belgium E5.997bln, Spain E7.1bln, Greece E1bln and Italy E6.75bln turning net

cash flow negative to the tune of E8bln vs +E1.33bln last week.