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

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: T-bill issuance is expected to fall to E11bln next
week vs E13.76bln this week, with the Netherlands, France, Spain and the ESM
scheduled to come to market. 
- SUPPLY: The Netherlands kicks off issuance Monday morning, tapping Oct 31,
2018 DTC for E1.0-2.0bln. France follows up in the afternoon, tapping
E2.4-2.8bln of Nov 14, 2018 BTF and E0.7-1.1bln Jan 16 2019 BTF, and selling
E0.7-1.1bln of new Aug 14, 2019 BTF. On Tuesday, Spain re-open Nov 16, 2018
Letra and May 10, 2019 Letra, with total amount expected around E2-3bln
(announced Monday). Later on Tuesday, the ESM completes the week's issuance by
selling a new Feb 2, 2019 Bill for up to E2.0bln.
- REINVESTMENT FLOWS: T-bill redemptions next week are due from France E7.5bln
and ESM E2.0bln for a total E9.5bln. This will leave net cash flow at positive
E1.5bln, compared with negative E11.9bln this week.
** For full details of forthcoming issues, please see Eurozone T-bill auction
calendar

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