T-bill issuance is.........>

EUROZONE T-BILL ISSUANCE: T-bill issuance is expected to pick up to E11.9bln

this week vs E8.834bln issued last week, with Spain, the Netherlands, France and

ESM scheduled to come to the market.

- SUPPLY: Due to a number of Eurozone countries observing a national Holiday

Monday all the T-bill issuance will be held of Tuesday. Up first will be Spain

with a re-opening of 3-month Aug 17, 2018 Letra and 9-month Feb 15, 2019 Letra

with size announced Monday but expected to be for up to E2.5bln. The Netherlands

will be up next with re-opening of 3-month Jul 31, 2018 DTC for between

E1.0-E2.0bln and issue of a new 6-month Oct 31, 2018 DTC for between

E1.0-E2.0bln. The ESM then launch a new 6-month Nov 22, 2018 Bill for up to

E2.0bln. In the afternoon France issue new 3-month Aug 22, 2018 BTF for

E2.8-E3.2bln, tap 6-month Oct 24, 2018 BTF for E0.8-E1.2bln and 12-month Apr 25,

2019 BTF for E0.6-E1.0bln.

- REINVESTMENT FLOWS: T-bill redemptions this week are due from France E6.928bln

and ESM E1.493bln turning net cash flow positive to the tune of E3.5bln vs

-E10.15bln last week.