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EUROZONE T-BILL ISSUANCE: This week saw a total of E14.7bln in bill sales from
six issuers, up from E12.2bln last week.
- RECAP: On Monday, the Netherlands sold E1.5bln of new 6-month Sep 30, 2019
DTC. Later Monday, France sold 3-/6-/12-month bills for a total of E4.8bln:
E2.6bln of 3-month Jun 26, 2019 BTF, E0.9bln of 6-month Aug 28, 2019 BTF, and
E1.3bln of new 12-month Mar 25, 2020.
- On Tuesday, Spain re-opened 6-month Oct 11, 2019 Letra for E0.4bln and new
12-month Apr 17, 2020 Letra for E4.1bln, for a combined amount of E4.5bln. Later
Tuesday morning, Belgium sold E0.8bln of 3-month Jul 11, 2019 TC. Also Tuesday,
the ESM sold E2bln of new 3-month Jul 4, 2019 bills. Greece concluded weekly
issuance on Wednesday, selling E1.1bln of new 6-month Oct 4, 2019 bills.
- CASH FLOW: With E11bln in redemptions (Spain E7.7bln, Greece E1.4bln, and the
ESM E2bln), net cash flow will come in at an estimated positive E3.7bln, versus
negative E1.5bln last week.
** For full details, please see MNI Eurozone T-Bill auction calendar