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Afternoon roll update


CEE Currencies Slightly Up Ahead of NFP


Larger FX Option Pipeline

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

EUROZONE T-BILL ISSUANCE: T-bill issuance is expected to rise sharply to
E21.3bln this week vs E12.6bln last week, with Germany, France, Spain, Italy,
Belgium and Ireland scheduled to come to the market.
- SUPPLY: Germany is up first on Monday with launch of a 6-month Dec 5, 2018
Bubill for E3bln. In the afternoon France tap 3-month Sep 12, 2018 BTF for
E2.6-E3.0bln, issue new 6-month Nov 21, 2018 BTF for E0.6-E1.0bln and 12-month
May 22, 2019 BTF for E0.6-E1.0bln. On Tuesday Spain tap 6-month Dec 7, 2018
Letra and issue new 12-month Jun 14, 2019 Letra with size announce on Monday but
expected to be for up to E4.5bln. Italy issue new 12-month Jun 14, 2019 BOT for
E6bln. Belgium then re-open Sep 13, 2018 TC and May 9, 2019 TC for a combined
amount of between E2.1-E2.5bln. Then on Thursday Ireland is expected to issue
new 12-month T-bill for E500mln with confirmation announced on Monday.
- REINVESTMENT FLOWS: T-bill redemptions this week are due from France
E9.282bln, Italy E6.5bln, Spain E7.756bln and Belgium E2.003bln turning net cash
flow negative to the tune of E4.2bln vs -E1.2bln last week.