Spain 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 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.