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 E20.9bln

issued last week.

- SUPPLY: Spain is scheduled up first with re-opening of Oct 12, 2018 Letra and

Apr 5, 2019 for between E2.0-E3.0bln. The ESM then launch a new 6-month Jan 24,

2019 Bill for E2.0bln. Still to come this week on Wednesday Portugal re-open Jan

18, 2019 T-bill and issue a new 12-month Jul 19, 2019 T-bill for combined amount

of E1.25-E1.75bln.

- RECAP: To recap issuance so far this week, on Monday the Netherlands allotted

E1.58bln in a re-opening of Sep 29, 2018 DTC. In the afternoon France allotted

E3.294bln of a new 3-month BTF, E1.096bln tap of 6-month BTF and E995mln tap of

a 12-month BTF. 

- REINVESTMENT FLOWS: T-bill redemptions this week are due from France

E3.632bln, Portugal E2.937bln, and ESM E2bln turning net cash flow positive to

the tune of E4.6bln vs -E7.4bln last week.