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 E23.5bln

versus E8.368bln issued last week.

- SUPPLY: Spain is up first with re-opening of 6-mth Nov 16, 2018 Letra and

launch of a new 12-mth May 10, 2019 Letra for E4-E5bln. Belgium then re-open

4-mth Sep 13, 2018 TC and issue new 12-mth May 9, 2019 TC for E2.4-E2.8bln. The

ESM then issue new 3-mth Aug 9, 2018 Bill for up to E2bln. Still to come this

week on Wednesday Greece launch a new 13-week Aug 10, 2018 T-bill for E875mln.

Then on Thursday Italy issue new 12-mth May 14, 2019 BOT for E6.5bln.

- RECAP: Issuance so far this week, on Monday the Netherlands issued new 6-month

DTC for E1.47bln. In the afternoon France allotted E3.299bln of a new 3-month

BTF, E998mln tap of a 6-month BTF and E1.296bln tap of a 12-month BTF. 

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

E5.682bln, Spain E8.359bln, Belgium E5.096bln, ESM E1.996bln and Greece for

E1.4bln turning net cash flow positive to the tune of E950mln.