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Bill supply for W/C Apr 12, 2021 (1/2)

EUROZONE T-BILL ISSUANCE

Germany and France held bill auctions Monday with Spain, Belgium, Finland, the ESM coming to the market Tuesday. A total of E22.3bln has been sold. With Ireland due to sell bills tomorrow, we estimate issuance through first round operations of E23.1bln for the week, a little below last week's E24.8bln.

  • Germany kicked off issuance Monday morning, allotting E3.239bln of the 6-month Oct 27, 2021 bubill with issuance volumes of E4bln.
  • Monday afternoon, France sold E6.485bln (at the top of its target range) of BTFs: E2.495bln of the 12-week Jul 7, 2021 BTF, E1.798bln of the new 23-week Sep 22, 2021 BTF, E0.498bln of the 45-week Feb 23, 2022 BTF and E1.694bln of the 49-week Mar 23, 2022 BTF.
  • Spain kicked off Tuesday's issuance selling E6.752bln of letras against a E6-7bln target: E0.985bln of 6-month Oct 8, 2021 letras and E5.767bln of new 12-month Apr 8, 2022 letras.
  • Belgium then sold E2.021bln of TCs against a E1.8-2.2bln target. E820mln of the Jul 15, 2021 TC and E1.201bln of the Mar 10, 2022 TC.

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