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Bill Supply For W/C Aug 2, 2021

EUROZONE T-BILL ISSUANCE

Greece is still due to sell T-bills this week, in addition to Germany, the Netherlands, France, Belgium and the ESM who have already issued this week. We look for issuance of E19.3bln through first round operations, up a little from last week's E17.6bln.

Recap

  • Germany came to the market Monday morning allotting E2.084bln of the Nov 24, 2021 bubill and E2.768bln of the May 18, 2022 bubill. Issuance volumes were E3.0bln for each bubill.
  • Also Monday morning, the Nethlerlands sold E4.40bln of DTCs: E1.95bln of the 4-month Nov 29, 2021 DTC and E2.45bln of the new 6-month Jan 28, 2022 DTC.
  • Monday afternoon, France sold E5.988bln of BTFs: E2.696bln of the 12-week Oct 27, 2021 BTF, E1.697bln of the new 23-week Jan 12, 2022 BTF and E1.595bln of the 49-week Jul 13, 2022 BTF.
  • Belgium sold E795mln of the 4-month Nov 11, 2021 TC on Tuesday against an indicative E800mln target.
  • The ESM will also come to the market Tuesday to sell E1.5bln of the new 3-month Nov 4, 2021 bill.
Upcoming
  • Greece will conclude issuance for the week this morning with E625mln of the new 13-week Nov 5, 2021 GTB on offer.

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