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Bill supply for W/C Apr 26, 2021

EUROZONE T-BILL ISSUANCE

Germany, France, Italy and Greece will conclude bill issuance for April this week. We estimate E17.6bln of issuance from first round operations, down from E23.1bln last week.

  • Germany will kick off issuance for the week this morning with E4bln of the new 12-month Apr 21, 2022 bubill on offer.
  • This afternoon, France will look to sell E5.2-6.8bln of BTFs: E2.4-2.8bln of the 12-week Jul 21, 2021 BTF, E1.4-1.8bln of the 21-week Sep 22, 2021 BTF, E0.1-0.5bln of the 39-week Jan 26, 2022 BTF and E1.3-1.7bln of the new 51-week Apr 21, 2022 BTF will be on offer.
  • Italy will come to the market on Wednesday morning looking to sell the new 6-month Oct 29, 2021 BOT (and an outside chance of Flexible BOTs). Amounts on offer will be confirmed later today.
  • Greece will also come to the market on Wednesday with E625mln of the new 26-week Oct 29, 2021 GTB on offer.
For details of upcoming T-bill auctions see the MNI Eurozone/UK T-bill auction calendar here.

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