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

EUROZONE T-BILL ISSUANCE

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

  • Germany kicked off issuance allotting E2.544bln of the 5-month Jan 19, 2022 bubill and E2.716bln of the 11-month Jul 20, 2022 bubill. Issuance volumes for both were E3bln.
  • The Netherlands then sold E3.710bln of DTCs: E1.960bln of the 3.5-month Nov 29, 2021 DTC and E1.750bln of the 5.5-month Jan 28, 2022 DTC.
  • Monday afternoon, France sold E4.987bln of BTFs: E2.495bln of the 12-week Nov 10, 2021 BTF, E1.095bln of the 21-week Jan 12, 2022 BTF and E1.397bln of the new 51-week Aug 10, 2022 BTF.

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