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T-Bill issuance is.........>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: T-Bill issuance is complete for this week, with
France, Belgium, the Netherlands, Greece, and the ESM selling a combined
E12.9bln (vs E14.1bln last week).
- RECAP: The Netherlands kick off issuance on Monday, selling 6-month Apr 30,
2019 DTC for E1.53bln. Also on Monday, France sold 3-month Feb 6, 2019 BTF for
E3.0bln, 6-month Apr 10, 2019 BTF for E1.1bln, and 12-month Oct 9, 2019 BTF for
E0.9bln. On Tuesday, Belgium sold 1-/6-/12-month bills for a combined E3.6bln:
E1.1bln of Dec 13, 2018; E0.8bln of Mar 7, 2019; and E1.7bln of Nov 7, 2019.
Also Tuesday, the ESM sold 3-month Feb 7, 2019 bills for E2.0bln. Finally,
Greece concluded issuance on Wednesday, selling E0.8bln of 3-month Feb 8, 2019
bills.
- CASH FLOWS: With an estimated E13.3bln in bill redemptions (incl E4.8bln
France, and E5.6bln Belgium), net cash flow will roughly balance out, coming in
at negative E0.4bln, versus negative E3.6bln last week.
** For full details of forthcoming issues, see Eurozone T-bill auction calendar

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