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

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: T-bill issuance is expected to pick up slightly next
week to E11.0bln from E10.5bln last week, with France, Italy, and Greece
scheduled to come to market.
- SUPPLY: France begins the week's issuance on Monday afternoon, selling new
3-month Nov 28, 2018 BTF for E2.4-2.8bln, tap 6-month Jan 16, 2019 BTF for
E0.7-1.1bln, and tap 12-month Aug 14, 2019 BTF for E0.4-0.8bln, for a total of
E3.5-4.7bln. On Wednesday, Greece sells E875mln of 26-week T-bills. Also on
Wednesday, Italy sells 6-month BOT for an estimated E6bln (amount to be
announced late Friday). 
- REINVESTMENT FLOWS: T-bill redemptions next week are due from France E5.2bln,
Italy E6.0bln, Greece E1.4bln, and the Netherlands E4.1bln, for a total of
E16.8bln. This will leave net cash flow at an estimated negative E5.8bln,
compared with positive E1.0bln this week.
** For full details of forthcoming issues, please see Eurozone T-bill auction
calendar

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