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This week sees an..........>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: This week sees an estimated total of E16.7bln in bill
issuance, down slightly from E17.5bln last week. France, the Netherlands,
Belgium, Italy, Greece, Ireland and Spain are all coming to the market.
- ISSUANCE: The Netherlands kick off bill issuance on Monday, selling E1-2bln of
the 3-month Feb 28, 2019 DTC and E1-2bln of the 6-month May 31, 2019 DTC. Later
on Monday France sell E2.2-2.6bln of the 3-month Mar 6, 2019 BTF, and
E0.6-1.0bln of the 6-month May 8, 2019 BTF. On Tuesday, Spain sell an estimated
combined E2.5bln of the 3-month Mar 8, 2019 and 9-month Sep 13, 2019 Letras.
Also Tuesday, Belgium come to market selling a combined E0.8-1.2bln in 12-month
Nov 7, 2019 TCs. On Wednesday Italy will come to market selling 12-month Dec 13,
2019 BOT, amount TBA. Also on Wednesday, Greece sell E0.625bln of 12-month Dec
13, 2019 bills. Thursday, Ireland conclude the week of Euro bill issuance, with
bills offered and amount TBA (on Dec 10), though MNI estimates around E0.5bln. 
- CASH FLOWS: With E13.2bln in bill redemptions scheduled, estimated net cash
flow comes in at positive E3.5bln this week, versus negative E1.0bln last week.
** For full details of forthcoming issues, see Eurozone T-bill auction calendar

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