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EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: This week sees an estimated E17.2bln in bill issuance,
up from E13.7bln last week. The ESM, Greece and Spain are yet to come to market.
- RECAP: On Monday Germany sold E2.0bln of the 6-month Jun 19, 2019 Bubill. Also
Monday, the Netherlands sold E1.61bln of 2-month Jan 31, 2019 and E1.24bln of
6-month May 31, 2019 DTCs. Later Monday, France sold 3-month Mar 6, 2019 BTF for
E2.79bln, 6-month May 8, 2019 BTF for E1.00bln and 12-month Nov 6, 2019 BTF for
E0.796bln. On Tuesday, Spain sold E0.41bln 6-month Jun 14, 2019 and E3.68bln
12-month Dec 6, 2019 Letras. Later Tuesday, the ESM sold E2.0bln of new 3-month
Mar 7, 2019 bills. - ISSUANCE: On Wednesday, Greece completes weekly T-bill
issuance in the eurozone, selling 26-week June 7, 2019 bills for E1.25bln. -
CASH FLOWS: With E18.6bln in bill redemptions scheduled, estimated net cash flow
comes in at negative E1.4bln this week, versus negative E2.8bln last week. **
For full details of forthcoming issues, see Eurozone T-bill auction calendar.

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