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T-Bill issuance this.......>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: T-Bill issuance this week picks up to the most in 9
weeks to around E20.1bln, compared with 11.3bln last week.
- SUPPLY: Germany kicks off issuance on Monday, re-opening 6-month Feb 13, 2019
Bubill for E2.0bln. France follows up later Monday, re-opening 3-month Dec 12,
2018 BTF for E2.5-2.9bln, 6-month Feb 13, 2019 for E0.8-1.2bln, 9-month May 22,
2019 for E0.0-0.4bln, and 12-month Aug 14, 2019 for E0.7-1.1bln, for a total of
between E4.0-5.6bln. On Tuesday, Spain re-opens 6-month Mar 8, 2019 Letra and
sells new 12-month Sep 13, 2019 Letra with total amount TBA (est E4.5bln). Later
on Tuesday, Belgium sells 4-month Jan 10, 2019 T-bill and 12-month Sep 12, 2019
T-bill, for E2.4-2.8bln. Finally, on Thursday Italy sells 12-month BOT, amount
TBA (est. E6bln).
- REINVESTMENT FLOWS: Heavy redemption flows of E28bln will provide some support
to this week's sales, leaving cash flow net negative to the tune of E7.9bln,
compared with positive E10.3bln last week.
** For full details of forthcoming issues, please see Eurozone T-bill auction
calendar.

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