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

EUROZONE T-BILL ISSUANCE: T-bill issuance is expected to fall to E11bln this

week vs E13.76bln last week, with the Netherlands issuing this morning and

France, Spain and the ESM scheduled to come to market.

- SUPPLY: France Monday afternoon taps E2.4-2.8bln of Nov 14, 2018 BTF and

E0.7-1.1bln Jan 16 2019 BTF, and sells 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 21, 2019 Bill for up to

E2.0bln.

- RECAP: This morning the Netherlands sold E1.82bln Oct 2018 DTC vs target

E1.0bn-E2.0bn, at avg yield -0.61% (-0.60%), cover 1.53x (1.61x).

- REINVESTMENT FLOWS: T-bill redemptions this 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 last week.

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

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