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

EUROZONE T-BILL ISSUANCE: T-bill issuance is expected to increase to E15bln this

week vs E6.75bln last week, with the Netherlands, France, Belgium, ESM, Italy

and Greece scheduled to come to the market.

- SUPPLY: The Netherlands is due up first on Monday with re-opening of Jan 31,

2019 DTC for E1.0-E2.0bln. In the afternoon France tap 3-month Oct 31, 2018 BTF

for E2.3-E2.7bln, issue new 6-month Jan 17, 2019 BTF for E0.7-E1.1bln and tap of

12-month Jul 17, 2019 BTF for E0.6-E1.0bln. On Tuesday Belgium re-opens Dec 13,

2018 T-bill and Jul 11, 2019 T-bill for a combined amount of between

E1.3-E1.7bln. Also on Tuesday the ESM launch a new 3-month Nov 8, 2018 Bill for

up to E2.0bln. On Wednesday Greece launch a new 13-week Nov 9, 2018 T-bill for

E625mln. Then on Friday Italy issue new 12-month BOT with size announced on

Tuesday but expected to be for up to E6bln.

- REINVESTMENT FLOWS: T-bill redemptions this week are due from France E6.35bln,

Belgium E2.258bln, ESM E1.964bln and Greece E1.4bln turning net cash flow

positive to the tune of E2.9bln vs -E12.2bln last week.