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EUROZONE T-BILL ISSUANCE: This week sees a slight slowdown in bill issuance,
with E10.7bln on offer (vs E13.5bln last week). The Netherlands, France,
Belgium, the ESM, and Greece are all coming to market.
- RECAP: The first bill sale came on Monday, with the Netherlands selling
E1.5bln of new 6-month July 31, 2019 DTC.
Later Monday, France re-opened 3-month May 2, 2019 BTF for E2.8bln, 6-month Jul
3, 2019 BTF for E0.9bln, and 12-month Jan 29, 2020 BTF for E1.1bln.
On Tuesday, Belgium re-opened the 3-month May 9, 2019 bills for E1.1bln.
Later Tuesday, the ESM also sold 3-month May 9, 2019 bills for E2.5bln.
Greece finishes the week of issuance on Wednesday, selling new 3-month May 10,
2019 bills for E0.625bln.
- CASH FLOWS: With E9.3bln in redemptions due this week (largely E6.3bln in
French BTF), cash flow will come in at an estimated positive E1.4bln, versus
negative E7.2bln last week.