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Spain, Belgium and the.....>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Spain, Belgium and the ESM come to the Eurozone T-bill
issuance market Tuesday. Issuance is now estimated to total E19.3bln versus
E15.453bln issued last week.
- SUPPLY: Spain is scheduled up first with re-opening of 6-month Sep 14, 2018
Letra and issue of a new 12-month Mar 8, 2019 Letra for between E4.5-E5.5bln.
Belgium then re-open 4-month Jul 12, 2018 T-bill and issue new 12-month Mar 7,
2019 T-bill for a combined amount of between E2.6-E3.0bln. The ESM then issue a
new 3-month Jun 7, 2018 Bill for E2.0bln. Still to come this week on Wednesday
Greece issue a new 13-week Jun 8, 2018 T-bill for E1bln.
- RECAP: Issuance so far this week, on Monday the Netherlands issued new 6-month
DTB for E1.58bln. In the afternoon France allotted E3.698bln in tap of 3-month
BTF, E1.692bln tap of  a 6-month BTF and E1.498bln of a new 12-month BTF. 
- REINVESTMENT FLOWS: T-bill redemptions this week are due from France
E7.442bln, Belgium E3.735bln, Spain E8.691, Greece E1.6bln and the ESM
E1.498bln, turning net cash flow negative to the tune of E3.7bln vs -E3.5bln
last week.

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