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

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: T-bill issuance is expected to fall to E13.5bln this
week vs E17.15bln last week, with Germany, France, Spain and Portugal scheduled
to come to the market.
- SUPPLY: German is scheduled up first on on Monday with launch of a new Feb 13,
2019 Bubill for E3.0bln. In the afternoon France issue new 3-month Nov 14, 2018
BTF for E2.3-E2.7bln, tap 6-month Jan 17, 2019 BTF for E1.1-E1.5bln and tap
12-month Jul 17, 2019 BTF for E0.6-E1.0bln. On Tuesday Spain re-opens Feb 15,
2019 Letra and launch new 12-month Aug 16, 2019 Letra with size announced on
Monday but expected to be for up to E5.0bln. On Wednesday Portugal re-open Nov
16, 2018 T-bill and Jul 19, 2019 T-bill for a combined amount of between
E0.75-E1.0bln.
- REINVESTMENT FLOWS: T-bill redemptions this week are due from France E6.35bln,
Germany E7.0bln, Spain E7.886bln and Italy E6.692bln turning net cash flow
negative to the tune of E12.2bln vs +E5.18bln last week.
** For full details of forthcoming issues, please see Eurozone T-bill auction
calendar

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