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Spain, Italy and Belgium...>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Spain, Italy and Belgium come to the Eurozone T-bill
issuance market Tuesday. Issuance is now estimated to total E22.1bln versus
E12.6bln issued last week.
- SUPPLY: Spain is scheduled up first with re-opening of Dec 7, 2018 Letra and
issue of a new 12-month Jun 14, 2019 Letra for a combined total of between
E5.0-E6.0bln. Italy issue a new 12-month Jun 14, 2019 BOT for E6bln. Belgium
then re-open Sep 13, 2018 TC and May 9, 2019 TC for a combined amount of between
E2.1-E2.5bln. Still to come this week, on Thursday Ireland launch a new 12-month
Jun 17, 2019 T-bill for E500mln.
- RECAP: To recap issuance so far this week, on Monday Germany issued new
6-month DTC for E3bln. In the afternoon France allotted E2.995bln tap of a
3-month BTF, E997mln of a new 6-month BTF and E798mln tap of a 12-month BTF. 
- REINVESTMENT FLOWS: T-bill redemptions this week are due from France E8,24bln,
Italy E6.5bln, Spain E7.756bln and Belgium E2.003bln turning net cash flow
negative to the tune of E2.4bln vs -E1.2bln last week.

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