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Bill Supply For W/C Aug 2, 2021

EUROZONE T-BILL ISSUANCE

Germany, the Netherlands, France, Belgium, the ESM and Greece are all due to sell T-bills next week. We look for issuance of E18.9bln through first round operations, up a little from this week's E17.6bln.

  • Germany will come to the market Monday morning to sell a combined E6bln of 3/9-month bubills: E3bln each of the Nov 24, 2021 bubill and the May 18, 2022 bubill.
  • Also Monday morning, the Nethlerlands is due to sell E1.5-2.5bln of each of the 4-month Nov 29, 2021 DTC and the new 6-month Jan 28, 2022 DTC.
  • On Monday afternoon, France looks to sell up to E6.0bln of BTFs: E2.3-2.7bln of the 12-week Oct 27, 2021 BTF, E1.3-1.7bln of the new 23-week Jan 12, 2022 BTF and E1.2-1.6bln of the 49-week Jul 13, 2022 BTF.
  • Belgium will come to the market Tuesday to sell an indicative E800mln of the 4-month Nov 11, 2021 TC.
  • The ESM will also come to the market Tuesday to sell E1.5bln of the new 3-month Nov 4, 2021 bill.
  • Greece will conclude issuance for the week with E625mln of the new 13-week Nov 5, 2021 GTB on offer.

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