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EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: The Netherlands, France, Spain and the ESM issue next
week, totalling an estimated E10.8bln, vs E20.3bln this week.
- ISSUANCE: On Monday, the Netherlands sells between E1.0-2.0bln of 3-month Jan
31, 2019 DTC, and between E1.0-2.0bln of 6-month Mar 29, 2019 DTC. Later on
Monday, France sells 3-month Jan 9, 2019 bills for between E2.4-2.8bln, 6-month
Mar 13, 2019 bills for between E0.8-1.2bln, and new 12-month Oct 9, 2019 bills
for between E0.7-1.1bln. On Tuesday, Spain sells 3-month Jan 18, 2019 Letra, and
9-month Jul 12, 2019 Letra, amount TBA but MNI estimates around E2bln. Later on
Tuesday, the ESM sells new 6-month Apr 18, 2019 bills for up to E2bln.
- CASH FLOWS: With E8.2bln in redemptions due next week (France and ESM), cash
flow will come in at positive E2.6bln, versus cash flow negative E7.2bln this
week.

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