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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 6-month Jul 13, 2018 Letra and issue of a new
12-month Jan 18, 2019 Letra for between E3.5-E4.5bln. Issuance is now estimated
to total E14.2bln versus E19.969bln issued last week.
- SUPPLY: Still to come this week on Wednesday Portugal re-open 6-month Jul 20,
2018 T-bill and issue new 12-month Jan 18, 2019 T-bill for a combined total of
between E1.5-E1.75bln.
- RECAP: To recap issuance so far this week, on Monday the Netherlands allotted
E1.59bln tap of a 3-month DTC and E1.26bln tap of a 6-month DTC. In the
afternoon France allotted E3.394bln in a new 3-month BTF, E1.196bln tap of a
6-month BTF and E1.093bln tap of a 12-month BTF. 
- REINVESTMENT FLOWS: T-bill redemptions this week are due from France
E5.974bln, Spain E7.706bln and Portugal E3.466bln, turning net cash flow
negative to the tune of E2.9bln vs +E2.46bln last week.
** For full details of forthcoming issues, please see Eurozone T-bill auction
calendar

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