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Spain comes to the.........>

EUROZONE T-BILL ISSUANCE: Spain comes to the Eurozone T-bill issuance market
Tuesday with re-opening of 6-month Aug 17, 2018 Letra and issue of a new
12-month Feb 15, 2019 Letra for between E3.5-E4.5bln. Issuance is now estimated
to total E18.9bln versus E12.436bln issued last week.
- RECAP: To recap issuance so far this week, on Monday Italy launched a new
12-month BOT for E6.5bln and Germany issued a new 6-month Bubill for E2.285bln.
In the afternoon France allotted E3.3bln in a new 3-month BTF, E1.496bln tap of
a 6-month BTF and E1.295bln tap of a 12-month BTF. 
- REINVESTMENT FLOWS: T-bill redemptions this week are due from France
E6.945bln, Germany E2bln, Italy E6.548bln and Spain E7.692bln, turning net cash
flow negative to the tune of E4.3bln vs +E490mln this week.
** For full details of forthcoming issues, please see Eurozone T-bill auction

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