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This week sees a total.....>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: This week sees a total of six bill auctions, with a
total amount of E14.3bln for sale, 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.
- ISSUANCE: On Tuesday, Spain re-opens 6-month Oct 11, 2019 Letra and sells new
12-month Apr 17, 2020 Letra, for a combined amount of E4-5bln. Later Tuesday
morning, Belgium sells 3-month Jul 11, 2019 TC for between E0.6-1.0bln.
Afterwards, the ESM comes to market, selling new 3-month Jul 4, 2019 bills for
E2bln. Greece concludes weekly issuance on Wednesday, selling E0.875bln 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 E3.2bln, versus
negative E1.5bln last week.
** For full details, please see MNI Eurozone T-Bill auction calendar

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