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EUROZONE T-BILL ISSUANCE: Spain and the ESM come to the Eurozone T-bill issuance
market Tuesday. Issuance is now estimated to total E13.2bln versus E22.97bln
issued last week.
- SUPPLY: Spain is scheduled up first with re-opening of 3-month Sep 14, 2018
Letra and 9-month Mar 18, 2019 Letra for a combined total of between
E2.0-E3.0bln. The ESM then issue new 6-month Dec 20, 2018 Bill for E2bln. Still
to come this week, on Wednesday Portugal re-open 3-month Sep 21, 2018 T-bill and
11-month May 17, 2019 T-bill for a combined amount of between E1.0-E1.25bln.
- RECAP: To recap issuance so far this week, on Monday the Netherlands allotted
E1.39bln in 2.5-month DTC and E1.52bln 5.5-month DTC. In the afternoon France
allotted E2.996bln tap of a 3-month BTF, E880mln tap of a 6-month BTF and
E750mln tap of a 12-month BTF.
- REINVESTMENT FLOWS: T-bill redemptions this week are due from France E9.282bln
and Ireland E500mln turning net cash flow positive to the tune of E3.5bln vs
-E1.5bln last week.