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Bill Supply For W/C Aug 16, 2021: Upcoming

EUROZONE T-BILL ISSUANCE

Spain, Finland, the ESM and Ireland are all still due to issue bills this week, while Germany, the Netherlands and France issued yesterday. We estimate E20.7bln of sales through first round operations, down from E24.6bln last week.

  • Spain will come to the market to sell E1-2bln combined of 3/9-month letras this morning. On offer will be Nov 12, 2021 letras and May 6, 2022 letras.
  • Finland looks to sell up to E2bln of 6/9-month RFTBs: E1bln of each of the 6-month Feb 14, 2022 RFTB and the 9-month May 12, 2022 RFTB.
  • To finish today's issuance, the ESM will look to sell E1.5bln of the new 6-month Feb 17, 2022 bill.
  • Portugal has cancelled its 3/11-month BTs auction that was scheduled for tomorrow.
  • Issuance will conclude on Thursday with Ireland due to sell E750mln of the new 6-month Feb 21, 2022 IRTB.

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