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EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: There is no Eurozone T-bill issuance Tuesday with
Portugal next scheduled to come to the market on Wednesday. Overall issuance is
expected to fall sharply to E8.75bln this week vs E23.768bln last week.
- SUPPLY: Still to come this week on Wednesday Portugal re-opens 6-month Nov 16,
2018 T-bill and launch a new 12-month May 17, 2019 Letra for between
E1.5-E1.75bln.
- RECAP: To recap issuance so far this week, on Monday Germany re-opened Oct 10,
2018 Bubill for E2.0bln. In the afternoon France tapped 3-month BTF for
E2.795bln, issued new 6-month BTF for E1.293bln and tapped 12-month BTF for
E996mln.
- REINVESTMENT FLOWS: T-bill redemptions this week are due from France
E6.814bln, Italy E7.15bln, Germany E2.0bln and Portugal E3.021bln turning net
cash flow negative to the tune of E10.2bln.
** For full details of forthcoming issues, please see Eurozone T-bill auction
calendar

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