Spain and ESM both come....>

EUROZONE T-BILL ISSUANCE: Spain and ESM both come to the Eurozone T-bill

issuance market Tuesday. Issuance is now estimated to total E13bln versus

E19.258bln issued last week.

- SUPPLY: Spain is up first with re-opening of 3-month Apr 6, 2018 Letra and

9-month Oct 12, 2018 Letra for a combined amount of between E3.0-E4.0bln. The

ESM then issue a new 6-month Apr 19, 2018 Bill for E1.5bln. Still to come this

week on Wednesday Portugal re-open 3-month Jan 19, 2018 T-bill and 11-month Sep

21, 2018 T-bill for a combined amount of between E1.0-E1.75bln.

- RECAP: To recap issuance so far this week, on Monday Netherlands allotted

E1.28bln in 6-month DTC. In the afternoon France allotted E3.095bln in

re-opening of 3-month BTF, E1.396bln of a 6-month BTF and E996mln of a new

12-month BTF. 

- REINVESTMENT FLOWS: T-bill redemptions this week are due from France

E7.427bln, Portugal E2.197bln and ESM for E1.496bln turning net cash flow

positive to the tune of E1.9bln vs -E8.38bln last week.