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The European Stability.....>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: The European Stability Mechanism (ESM) comes to the
Eurozone T-bill issuance market Tuesday with launch of a new 6-month Sep 20,
2018 Bill for up to E2.0bln. Issuance is now expected to total E12.5bln
comparted to E18.254bln last week
- SUPPLY: Still to come this week, on Wednesday Portugal re-open 6-month Sep 21,
2018 and launch a new 12-month Mar 22, 2019 T-bill for a combined amount of
between E1.25-E1.5bln.
- RECAP: To recap issuance so far this week on Monday the Netherlands reopened
2.5-month DTC for E1.16bln and 5.5-month DTC for E1.13bln. In the afternoon
France allotted E3.896bln tap of a 3-month BTF, E1.597bln of a new 6-month BTF
and E1.295bln tap of a 12-month BTF. 
- REINVESTMENT FLOWS: T-bill redemptions this week are due from France
E3.565bln, Ireland E0.5bln and ESM E1.5bln, turning net cash flow positive to
the tune of E7bln vs -E0.2bln last week.
** For full details of forthcoming issues, please see Eurozone T-bill auction
calendar 

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