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This week will see the.....>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: This week will see the heaviest weekly bill volume in
2019 so far, with estimated issuance of E21bln, versus just E5.7bln last week.
- ISSUANCE: On Monday morning, the Netherlands sells between E1.0-2.0bln of new
6-month Oct 31, 2019 DTC. On Monday afternoon, France sells up to E4.8bln in
BTFs, all re-opens: E2.3-2.7bln of 3-month Aug 7, 2019 BTF, E0.8-1.2bln of
6-month Sep 25, 2019 BTF, and E0.5-0.9bln of 12-month Apr 22, 2020 BTF. Then on
Tuesday, Spain re-opens 6-month Nov 15, 2019 Letra, and sells new 12-month May
8, 2020 Letra, amount TBA May 6. Also Tuesday, Belgium sells a combined
E1.4-1.8bln in 3-month Sep 12, 2019 TC and 6-month Nov 7, 2019 TC. On Wednesday,
Greece sells E0.625bln of new 3-month Aug 9, 2019 bills, and the ESM sells E2bln
of new 3-month Aug 8, 2019 bills. Finally, on Thursday, Italy sells 12-month
BOT, details TBA May 7.
- CASH FLOW: With E13.4bln in redemptions (France, Belgium, and Spain), net cash
flow will come in at an estimated positive E7.6bln, versus negative E11.6bln
last week.
** For full details, please see MNI Eurozone T-Bill auction calendar

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