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T-bill issuance has been...>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: T-bill issuance has been completed for the week, with
France, Italy, and Greece allotting E11.8bln allotted versus E10.5bln last week.
- SUPPLY: France began the week's issuance on Monday afternoon, allotting new
3-month Nov 28, 2018 BTF for E2.79bln, tapping 6-month Jan 16, 2019 BTF for
E1.10bln, and tapping 12-month Aug 14, 2019 BTF for E0.80bln, for a total of
E4.69bln.  On Wednesday, Greece sold E1.138bln of 26-week T-bills at 0.85% yield
and 1.37x cover. Also on Wednesday, Italy sold 6-month Feb 28, 2019 BOT at
average yield 0.428% and 1.87x cover.
- REINVESTMENT FLOWS: T-bill redemptions this week are due from France E5.2bln,
Italy E6.0bln, Greece E1.4bln, and the Netherlands E4.1bln, for a total of
E16.8bln. This will leave net cash flow at an estimated negative E4.9bln,
compared with positive E1.0bln last week.
- SCHEDULE: Issuance next week sees France, Belgium, Greece, the Netherlands,
and the ESM come to market, with most details announced Aug 31.
** For full details of forthcoming issues, please see Eurozone T-bill auction
calendar

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