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

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: T-Bill issuance will pick up again this week to around
E11.5bn with France, Belgium, Netherlands, Greece and the European Stability
Mechanism scheduled to come to market.
- SUPPLY: France will kick off issuance with a combined E5.3bn on Monday. On
offer is the new 6-month  Feb 13, 2019 as well as taps of the 3-month Nov 28,
2018 and 12-month Aug 14, 2019. Belgium will follow up with taps of the 4-month
Jan 10, 2019 and 6-month Mar 7, 2019 on Tuesday for a total of E1.4-1.8bln. The
ESM will issue a new 3-month Dec 6, 2018 T-bill for E2.0bln on the same day.
Finally, Greece will come to market on Wednesday with a tap of the 3-month Dec
7, 2018 for E625mln.  
- REINVESTMENT FLOWS: Redemption flows are light this week with just E1.0bln
from Greece, leaving cash flow positive by around E10.5bln compared with
negative E4.9bln last week.
** For full details of forthcoming issues, please see Eurozone T-bill auction
calendar. 

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