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Bill supply for W/C Apr 12, 2021: Upcoming

EUROZONE T-BILL ISSUANCE

Spain, Belgium, Finland, the ESM and Ireland are all still due to come to the market this week to sell bills. We estimate issuance through first round operations of E22.6bln for the week, a little below last week's E24.8bln.

  • Spain will kick off Tuesday's issuance with E6-7bln of letras on offer: the 6-month Oct 8, 2021 letras and new 12-month Apr 8, 2022 letras.
  • Belgium then looks to sell E1.8-2.2bln of TCs. An indicative E800mln of the Short Jul 15, 2021 TC and an indicative. E1.2bln of the Long Mar 10, 2022 TC.
  • Finland looks to sell E2bln of RFTBs: E1bln of each of the 7-month Nov 9, 2021 RFTB and the 10-month Feb 14, 2022 RFTB.
  • The ESM will conclude this morning's issuance, selling E1.1bln of the new 12-month Apr 14, 2022 bill.
  • Ireland will come to the market on Thursday to sell E750mln of the new 6-month Oct 25, 2021 IRTB.
For details of upcoming T-bill auctions see the MNI Eurozone/UK T-bill auction calendar here.

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