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This week's bill sales.....>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: This week's bill sales are complete, totalling
E18.8bln, versus E10.7bln last week.
- RECAP: On Tuesday, Spain sold E5.0bln in Letra: E0.7bln of 6-month Dec 6, 2019
Letra and E4.3bln of 12-month Jun 12, 2020 Letra. Also Tuesday, Slovenia sold
E0.13bln in bills, including 3-month Sep 12, 2019 bills, and 6-month Dec 12,
2019 bills, and 12-month Jun 13, 2019 bills. Belgium sold E1.6bln in TCs:
E0.6bln of 3-month Sep 12, 2019 TC and E1.0bln of 12-month May 14, 2020 TC. On
Monday afternoon, France sold E4.8bln in BTFs: E2.5bln of 3-month Sep 9, 2019,
E1.1bln of 6-month Nov 20, 2019 BTF, E0.4bln of 9-month Mar 25, 2020 BTF, and
E0.8bln of 12-month May 20, 2020 BTF. On Wednesday, Italy sold E6.5bln of new
12-month Jun 12, 2020 BOT. Finally, Greece sold E0.812bln of 12-month June 12,
2020 bills.
- CASH FLOW: There is a total of E19.2bln in redemptions this week, largely
France, Spain and Italy (though Greece and Slovenia see cash returning to market
as well). This will leave cash flow negative by E0.4bln, vs E5.6bln last week.
** For full details, please see MNI Eurozone T-Bill auction calendar.

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