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Bill Supply For W/C Aug 16, 2021 (1/2)

EUROZONE T-BILL ISSUANCE

Germany, the Netherlands, France, Spain, Finland, the ESM, Ireland and potentially Portugal are all due to issue bills this week. We estimate E22.0bln of sales through first round operations, down from E24.6bln this week.

  • Germany will kick off issuance on Monday with E3bln of each of the 5-month Jan 19, 2022 bubill and the 11-month Jul 20, 2022 bubill on offer.
  • The Netherlands then looks to sell up to E5.0bln of DTCs: E1.5-2.5bln of the 3.5-month Nov 29, 2021 DTC and E1.5-2.5bln of the 5.5-month Jan 28, 2022 DTC.
  • Also Monday, France will look to sell up to E5.0bln of BTFs: E2.1-2.5bln of the 12-week Nov 10, 2021 BTF, E0.7-1.1bln of the 21-week Jan 12, 2022 BTF and E1.0-1.4bln of the new 51-week Aug 10, 2022 BTF.

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