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Spain and the ESM are......>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Spain and the ESM are scheduled to come to the
Eurozone T-bill issuance market Tuesday. Issuance is now estimated to total
E11.2bln versus E12.577bln issued last week.
- SUPPLY: Spain is scheduled up for first with re-opening of 3-month Nov 17,
2017 Letra and 9-month May 11, 2018 Letra for between E2.0-E3.0bln. The ESM then
issue a new 6-month Feb 22, 2018 Bill for E1.5bln..
- RECAP: To recap issuance so far this week, on Monday the Netherlands re-opened
3-month DTC for E1.7bln. In the afternoon France taped 3-month BTF for
E2.993bln, tapped 6-month BTF for E1.297bln and issued new 12-month BTF for
E1.196bln. 
- REINVESTMENT FLOWS: Redemptions this week are due from France E7.553bln and
Germany E1.5bln, turning net cash flow positive to the tune of E2.1bln vs
-E9.38bln last week.
** For full details of forthcoming issues, please see Eurozone T-bill auction
calendar

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