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The Netherlands, France,...>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: The Netherlands, France, Spain and the ESM issue this
week, totalling an estimated E13.0bln, vs E20.3bln last week.
- RECAP: On Monday, the Netherlands sold E1.91bln of 3-month Jan 31, 2019 DTC,
and E1.45bln of 6-month Mar 29, 2019 DTC. Also Monday, France sold 3-month Jan
9, 2019 bills for E2.796bln, 6-month Mar 13, 2019 bills for  between E1.198bln,
and new 12-month Oct 9, 2019 bills for E1.098bln.
- ISSUANCE: On Tuesday, Spain sells 3-month Jan 18, 2019 Letra, and 9-month Jul
12, 2019 Letra, for between E2-3bln. 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 this week (France and ESM), cash
flow will come in at positive E4.7bln, versus cash flow negative E7.2bln last
week.

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