Spain, Belgium and the.....>

EUROZONE T-BILL ISSUANCE: Spain, Belgium and the ESM come to the Eurozone T-bill

issuance market Tuesday. Issuance is now estimated to total E16.9bln versus

E11.49bln issued last week.

- SUPPLY: Spain re-opens 6-month Jun 15, 2018 Letra and issues new 12-month Dec

7, 2018 Letra for between E4-E5bln. Belgium then re-open 3-month Mar 8, 2018 TC

and 6-month May 10, 2018 TC for between E0.8-E1.2bln. The ESM then issue new

3-month Mar 8, 2018 Bill for up to E1.5bln. Still to come this week on Wednesday

Greece issue new 13-week Mar 9, 2018 T-bill for E1.0bln and new 26-week Jun 8,

2018 T-bill for E1.25bln.

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

E1.32bln of a 6 month DTC. In the afternoon France allotted E599mln of a 2-month

BTF, E3.398bln of a new 3-month BTF, E1.4bln tap of a 6-month BTF and E940mln

tap of a 12-month BTF. 

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

E8.412bln, Greece E3.6bln, Spain E7.466bln and ESM E3.6bln, turning net cash

flow negative to the tune of E4.1bln vs -E4.34bln last week.