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

EUROZONE T-BILL ISSUANCE: T-bill issuance is expected to pick up to E13.5bln
next week vs E11.638bln issued this week, with Germany, France and Italy
scheduled to come to the market. 
- SUPPLY: Germany will be up first on Monday with a re-opening of Aug 15, 2018
Bubill for up to E2.0bln. In the afternoon France tap 3-month Aug 22, 2018 BTF
for E3.0-E3.4bln, 6-month Oct 24, 2018 BTF for E0.9-E1.3bln and issue a new
12-month May 22, 2019 BTF for E0.9-E1.3bln. On Tuesday Italy then launch a new
6-month Nov 30, 2018 BOT for E5.5bln.
- REINVESTMENT FLOWS: T-bill redemptions next week are due from France
E7.794bln, Italy E5.5bln and the Netherlands E3.63bln turning net cash flow
negative to the tune of E3.4bln vs +E3.2bln this week.
** For full details of forthcoming issues, please see Eurozone T-bill auction

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