T-bill issuance has been...>

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

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