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Spain and Portugal.........>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Spain and Portugal complete Eurozone T-bill issuance
Wednesday. Issuance is now estimated to be E12.6bln versus E18.918bln issued
last week.
- SUPPLY: Spain is scheduled up first with re-opening of 6-month Feb 16, 2018
Letra and issue of a new 12-month Aug 17, 2018 Letra for a combined total of
between E4.0-E5.0bln. Portugal then re-open 3-month Nov 17, 2017 T-bill and
12-month Jul 20, 2018 T-bill for a combined total of between E0.75-E1.0bln.
- RECAP: To recap issuance so far this week, on Monday Germany issued new
6-month Bubill for E1.417bln. In the afternoon France issued new 3-month BTF for
E3.095bln, tapped 6-month BTF for E1.597bln and tapped 12-month BTF for
E0.998bln.
- REINVESTMENT FLOWS: T-bill redemptions this week are due from France
E5.088bln, Germany E2.0bln, Spain E8.268bln and Italy E6.6bln, turning net cash
flow negative to the tune of E9.35bln vs +E5.53bln last week.

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