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EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: There is no Eurozone sovereign T-bill issuance
Thursday with Italy scheduled up next on Friday. T-bill issuance is expected to
total E17.15bln this week versus E6.75bln last week.
- SUPPLY: Still to come this week, on Friday Italy issue new 12-month Aug 14,
2019 BOT for E6bln.
- RECAP: To recap issuance so far this week, on Monday the Netherlands allotted
E1.97bln in a re-opening of Jan 31, 2019 DTC. In the afternoon France allotted
E2.7bln in tap of 3-month BTF, E1.094bln of a new 6-month BTF and E998mln in tap
of a 12-month BTF. On Tuesday Belgium allotted E475mln in Dec 13, 21018 T-bill
and E1.101bln in Jul 11, 2019 T-bill. The ESM then allotted E1.9977bln in
3-month Bill. On Wednesday Greece launched a new 13-week T-bill for E812.5mln.
- REINVESTMENT FLOWS: T-bill redemptions this week are due from France E6.35bln,
Belgium E2.258bln, ESM E1.964bln and Greece E1.4bln turning net cash flow
positive to the tune of E5.18bln vs -E12.2bln last week.

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