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Spain, Italy and Belgium...>

EUROZONE T-BILL ISSUANCE: Spain, Italy and Belgium all come to the Eurozone
T-bill issuance market Tuesday. Issuance is now estimated to total E21.5bln
versus E11.963bln issued last week.
- SUPPLY: Spain is scheduled up first with re-opening of 6-month Mar 9, 2018
Letra and issue of a new 12-month Sep 14, 2018 Letra for between E4.5-E5.5bln.
Italy then issue a new 12-month Sep 14, 2018 BOT for E6.5bln. Finally Belgium
tap 3-month Dec 14, 2017 T-bill and issue a new 12-month Sep 13, 2018 T-bill for
between E2.1-E2.5bln. To concluded issuance on Wednesday Greece issue a new
13-week Dec 15, 2017 T-bill for E1.0bln.
- RECAP: To recap issuance so far this week, on Monday Germany allotted
E1.663bln in 6-month Bubill. In the afternoon France issued new 3-month BTF for
E2.996bln, tapped 6-month BTF for E1.493bln and tapped 12-month BTF for E560mln.
- REINVESTMENT FLOWS: T-bill redemptions this week are due from France
E12.721bln, Germany E2.0bln, Belgium E3.925bln, Spain E7.76bln, Italy E6.75bln
and Greece E1.6bln, turning net cash flow negative to the tune of E13.24bln vs
+E8.86bln last week.

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