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T-Bill issuance will.......>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: T-Bill issuance will remain fairly steady next week,
totalling an estimated E12.8bln (vs E14.1bln), with France, Belgium, the
Netherlands, Greece, and the ESM coming to market.
- ISSUANCE: The Netherlands kick off issuance on Monday, selling 6-month Apr 30,
2019 DTC for E1.0-2.0bln. Later on Monday, France sells 3-month Feb 6, 2019 BTF
for E2.6-3.0bln, 6-month Apr 10, 2019 BTF for E0.7-1.1bln, and 12-month Oct 9,
2019 BTF for E0.6-1.0bln. On Tuesday, Belgium sells 1-/6-/12-month bills for a
combined E3.0-3.7bln: Dec 13, 2018; Mar 7, 2019; and Nov 7, 2019. Also Tuesday,
the ESM sells 3-month Feb 7, 2019 bills for up to E2.0bln. Finally, Greece
concludes issuance on Wednesday, selling E0.625bln 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 E0.5bln, versus -3.6bln last week.
** For full details of forthcoming issues, see Eurozone T-bill auction calendar

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