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Free AccessSpain and the ESM come.....>
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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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.