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Bill Supply for W/C 13 December, 2021

EUROZONE T-BILL ISSUANCE
MNI (London)

Germany, the Netherlands, France, Spain and Belgium are all due to issue bills this week. We look for issuance from first round operations of E16.5bln, down from E25.9bln last week.

  • Germany will kick off issuance for the week this morning with E3bln each of the 3-month Mar 23, 2022 bubill and the 12-month Dec 14, 2022 bubill.
  • The Netherlands will also come to the market this morning, looking to sell E1.0-3.0bln of DTCs: E0.0-1.0bln of the 1.5-month Jan 28, 2022 DTC, E0.5-1.0bln of the 3.5-month Mar 30, 2022 DTC and E0.5-1.0bln of the 5.5-month May 30, 2022 DTC.
  • This afternoon, France will look to sell E3.5-4.7bln of BTFs: E2.3-2.7bln of the new 13-week Mar 16, 2022 BTF, E0.6-1.0bln of the 20-week May 4, 2022 BTF and E0.6-1.0bln of the 50-week Nov 30, 2022 BTF.
  • Tomorrow, Spain will look to sell 3-month Mar 4, 2022 letras and 9-month Sep 9, 2022 letras. Issuance volumes will be announced this afternoon.
  • Also tomorrow, Belgium will look to sell E1.8-2.2bln of TCs: an indicative E0.8bln of the 4-month Mar 10, 2022 and E1.2bln of the Nov 10, 2022 TC.

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