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T-Bill Supply For W/C December 14

EUROZONE T-BILL ISSUANCE

France and Spain will issue T-bills in the W/C December 14. We estimate supply of E6.0bn compared to E18.1bn the previous week.
- ISSUANCE: France will be the first to come to market with an auction of 3-/-6-/12month BTFs on Monday. for E3.8-5.0bn. Spain will then sell 3- and 9-month letras on Tuesday with issue volumes TBA.
- CASH FLOWS: E19.1bn of redemptions will leave net cash flows at E-13.1bn for the week.
** For further details please see MNI Eurozone T-Bill Calendar

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