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

EUROZONE T-BILL ISSUANCE: T-bill issuance is expected to pick up to E12bln in
the coming week vs E13.5bln issued this week, with France, Belgium, the
Netherlands, Greece, and the ESM scheduled to come to the market.
- SUPPLY: The Netherlands kick things off Monday morning with a sale of 6-month
11 Nov, 2018 DTC for E1.0-2.0bln. On Monday afternoon, France taps 3-month Sep
12 2018 BTF for E2.8-3.2bln, 6-month Oct 24, 2018 BTF for E0.9-1.3bln, and
12-month May 22, 2019 BTF for E0.6-1.0bln. On Tuesday, Belgium sells 3-month Oct
11, 2018 TC and 6-month Dec 13, 2018 TC, for a combined E0.9-1.3bln. On
Wednesday, Greece sells 13-week Sep 7, 2018 T-bill for E625mln, and 6-month Dec
7, 2018 T-bills for E1.25bln. Also on Wednesday, the ESM sells 3-month Sep 6,
2018 Bills for up to E2bln.
- REINVESTMENT FLOWS: T-bill redemptions next week are due from France E8.24bln,
Greece E3.6bln, and the ESM E2.0bln, keeping net cash flow negative by E1.9bln
in the coming week vs -E3.4bln this week.
** For full details of forthcoming issues, please see Eurozone T-bill auction

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