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EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: With this week being the last week of March combined
with the run-up to the longer Easter holiday weekend there is limited T-bill
supply. Issuance is expected to edge lower to E11.9bln versus E12.293bln issued
last week, with only France and Italy scheduled to come to the market. 
- SUPPLY: France kicks off issuance on Monday afternoon with launch of a new
3-month Jun 27, 2018 BTF for between E3.1-E3.5bln, tap 6-month Aug 29, 2018 BTF
for between E0.8-E1.2bln and tap 12-month Feb 27, 2019 BTF for between
E0.8-E1.2bln. On Tuesday Italy issue a new 6-month Sep 28, 2018 Bot for up to
E6.0bln. 
- REINVESTMENT FLOWS: T-bill redemptions this week are due from France
E6.272bln, Italy E6.0bln and the Netherlands E4.32bln, turning net cash flow
negative to the tune of E4.7bln vs +E6.7bln last week.
** For full details of forthcoming issues, please see Eurozone T-bill auction
calendar

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