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This week will see an......>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: This week will see an estimated E11.1bln in bill
sales, down from E19.7bln last week, and below the E14.6bln weekly 2019 average.
- RECAP: The Netherlands began issuance Monday morning, selling E1.1blnbln of
3-month May 31, 2019 DTC and E1.39bln of 6-month Aug 30, 2019 DTC. On Monday
afternoon, France sold 3-/6-/12-month BTFs for a total of E4.7bln: E2.5bln of
Jun 13, 2019 BTF; E1.1bln of Aug 28, 2019 BTF; and E1.1bln of Feb 26, 2020 BTF.
On Tuesday, the ESM sold E2.5bln of 6-month Sep 19, 2019 bills. 
- ISSUANCE: Finally, on Wednesday Portugal concludes bill issuance for the week,
selling a combined E1.25-E1.5bln of 6-month Sep 20, 2019 BT and 12-month Mar 20,
2020.
- CASH FLOW: With E4.8bln in redemptions, including Portugal (E2.3bln) and the
ESM (E2.0bln), cash flow this week will come in at an estimated positive
E6.3bln, versus positive E7.4bln last week.
** For full details, please see MNI Eurozone T-Bill auction calendar

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