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

EUROZONE T-BILL ISSUANCE: T-bill issuance is expected to slip to E11.2bln this

week vs E11.5bln last week, with the Netherlands, France, Belgium, ESM and

Greece scheduled to come to the market.

- SUPPLY: The Netherlands is due up first with launch of a new 6-month Jan 31,

2019 DTC for E1.0-E2.0bln. In the afternoon France issue new 3-month Oct 3, 2018

BTF for E2.6-E3.0bln, tap 6-month Nov 21, 2018 BTF for E0.6-E1.0bln and tap

12-month Jun 19, 2019 BTF for E0.4-E0.8bln. On Tuesday Belgium re-open Nov 8,

2018 T-bill and Jan 10, 2019 T-bill for a combined amount of between

E1.5-E1.9bln. The ESM then issue a new 3-month Oct 4, 2018 for up to E2bln.

Finally on Wednesday Greece launch a new 26-week Jan 4, 2019 T-bill for

E1.25bln.

- REINVESTMENT FLOWS: T-bill redemptions this week are due from France

E6.333bln, Greece E2bln and ESM E2bln turning net cash flow positive to the tune

of E900mln vs -E5.8bln last week.

** For full details of forthcoming issues, please see Eurozone T-bill auction

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