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EUROZONE T-BILL ISSUANCE: T-bill issuance is expected to increase to E21bln next
week vs E11.66bln this week, with Germany, France, Spain, Belgium, Italy and
Greece scheduled to come to the market.
- SUPPLY: Germany is due up first on Monday with re-opening of a new Dec 5, 2018
Bubill for up to E2.0bln. In the afternoon France tap 3-month Oct 3, 2018 BTF
for E2.6-E3.0bln, issue new 6-month Dec 19, 2018 BTF for E0.6-E1.0bln and tap
12-month Jun 19, 2019 BTF for E0.4-E0.8bln. On Tuesday Spain re-open Jan 18,
2019 Letra and issue new 12-month Jul 12, 2019 Letra with size announced Monday
but expected to be for up to E5bln. Belgium then re-open Nov 8, 2018 T-bill and
issue new 12-month Jul 11, 2019 T-bill for a combined amount of E2.6-E3.0bln. On
Wednesday Italy is expected to launch a new 12-month Jul 12, 2019 BOT with
confirmation announced Friday evening but expected to be for up to E6bln. Greece
then launch a new 13-week Oct 12, 2018 T-bill for E625mln.
- REINVESTMENT FLOWS: T-bill redemptions next week are due from France E7.38bln,
Belgium E5.997bln, Spain E7.1bln, Greece E1bln and Italy E6.75bln turning net
cash flow negative to the tune of E7bln vs +E1.33bln this week.