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Spain and the ESM come.....>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Spain and the ESM come to the Eurozone T-bill issuance
market Tuesday. Issuance is now estimated to total E14.05bln versus E14.277bln
issued last week.
- SUPPLY: Spain is scheduled up first with re-opening of 3-month Feb 16, 2018
T-bill and 9-month Aug 17, 2018 T-bill for between E3.5-E4.5bln. The ESM then
issue a new 6-month May 24, 2018 T-bill for E1.5bln.
- RECAP: To recap issuance so far this week, on Monday the Netherlands allotted
E1.45bln in re-opening of 2.5 month DTC and E1.1bln of a 6-month DTC. In the
afternoon France allotted E3.53bln of a new 3-month BTF, E1.396bln tap of a
6-month BTF and E1.075bln tap of a 12-month BTF. 
- REINVESTMENT FLOWS: T-bill redemptions this week are due from France E6.091bln
and ESM E1.498bln, turning net cash flow positive to the tune of E6.46bln vs
-E9.6bln last week.

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