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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 have all issue bills this week. We look for issuance from first round operations of E15.7bln, down from E25.9bln last week.

  • On Monday morning, Germany allotted E2.216bln of the 3-month Mar 23, 2022 bubill and E930mln of the 12-month Dec 14, 2022 bubill. Both auctions were weak with issuance volumes of E3bln.
  • The Netherlands also come to the market Monday morning, selling a combined E1.70bln of DTCs against an issuance target of E1-3bln: E980mln the1.5-month Jan 28, 2022 DTC, E330mln of the 3.5-month Mar 30, 2022 DTC and E390mln of the 5.5-month May 30, 2022 DTC.
  • Monday afternoon, France sold E4.345bln of BTFs against a E3.5-4.7bln target: E2.348bln of the new 13-week Mar 16, 2022 BTF, E999mln of the 20-week May 4, 2022 BTF and E998mln of the 50-week Nov 30, 2022 BTF.
  • On Tuesday morning, Spain sold E1.659bln letras against a E1-2bln target: E503mln 3-month Mar 4, 2022 letras and E1.156bln 9-month Sep 9, 2022 letras.
  • Concluding the week's issuance on Tuesday morning, Belgium sold E2.007bln of TCs against a E1.8-2.2bln target: E802mln of the 4-month Mar 10, 2022 and E1.205bln of the Nov 10, 2022 TC.

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