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

EUROZONE T-BILL ISSUANCE: T-bill issuance is expected to fall to E14bln this

week vs E20.9bln last week, with The Netherlands, France, Spain, ESM and

Portugal scheduled to come to the market.

- SUPPLY: The Netherlands is due up first on Monday with re-opening of Sep 27,

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

17, 2018 BTF for E2.9-E3.3bln, tap 6-month Dec 19, 2018 BTF for E0.7-E1.1bln and

tap 12-month Jun 19, 2019 BTF for E0.6-E1.0bln. On Tuesday Spain re-open Oct 12,

2018 Letra and Apr 5, 2019 Letra with size announced on Monday but expected to

be for up to E3bln. Also on Tuesday the ESM launch a new 6-month Jan 24, 2019

Bill for E2.0bln. Finally on Wednesday Portugal re-open Jan 18, 2019 T-bill and

issue a new 12-month Jul 19, 2019 T-bill for combined amount of E1.25-E1.75bln.

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

E3.632bln, Portugal E2.937bln, and ESM E2bln turning net cash flow positive to

the tune of E5.6bln vs -E7.4bln last week.

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

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