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Bill supply for W/C Apr 19, 2021

EUROZONE T-BILL ISSUANCE

Portugal are due to sell bills today while Germany, the Netherlands, France, Spain and the ESM have already sold bills this week. We estimate E20.2bln of bills this week, down from last week's E23.1bln (from first round operations).

  • Germany kicked off issuance on Monday, allotting E2.56bln of the 5-month Sep 29, 2021 bubill and E2.37bln of the Mar 23, 2022 bubill. Issuance volumes for both were E3bln.
  • The Netherlands then sold a combined E2.95bln of DTCs: E1.34bln of the Jul 29, 2021 DTC and E1.61bln of the Sep 29, 2021 DTC.
  • Monday afternoon saw France sell E6.489bln of BTFs, at the top of its target range: E2.898bln of the new 13-week Jul 21, 2021 BTF, E1.695bln of the 22-week Sep 22, 2021 BTF and E1.896bln of the 48-week Mar 23, 2022 BTF.
  • Tuesday morning, Spain sold E1.96bln of letras vs a E1.5-2.5bln target: E277mln of 3-month Jul 9, 2021 letras and E1.685bln of 9-month Jan 14, 2022 letras.
  • Also Tuesday, the ESM will sold E1.5bln of the new 6-month Oct 21, 2021 bill.
  • Today, Portugal will look to sell a combined E1.00-1.25bln of 3/11-month BTs. On offer are the Jul 16, 2021 BT and the Mar 18, 2022 BT.
For details of upcoming T-bill auctions see the MNI Eurozone/UK T-bill auction calendar here.

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