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EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Spain comes to the Eurozone T-bill issuance market
Tuesday with re-opening of 3-month Dec 8, 2017 Letra and 9-month Jun 15, 2018
Letra for between E2.5-E3.5bln. Issuance is now estimated to total E14.4bln
versus E22.103bln issued last week.
- SUPPLY: Still to come this week on Wednesday Portugal re-open 6-month Mar 23,
2018 T-bill and issue new 12-month Sep 21, 2018 T-bill for between
E1.5-E1.75bln. Then on Thursday Ireland issue new 12-month Sep 21, 2018 T-bill
for E500mln.
- RECAP: To recap issuance so far this week, on Monday the Netherlands allotted
E1.04bln in 3-month DTC and E1.47bln 6-month DTC. In the afternoon France tapped
3-month BTF for E2.798bln, tapped 6-month BTF for E1.392bln and issued new
12-month BTF for E996mln. 
- REINVESTMENT FLOWS: T-bill redemptions this week are due from France
E6.394bln, Ireland E0.5bln and Portugal E3.465bln, turning net cash flow
positive to the tune of E4.1bln vs -E12.65bln last week.

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