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Bill Supply For W/C Aug 23, 2021

EUROZONE T-BILL ISSUANCE

Italy is still due to issue bills today while Germany, France and Austria have all held auctions so far this week. We look for issuance from first round operations of E18.3bln, down from E20.7bln last week.

  • Germany kicked off issuance on Monday morning, allotting E3.045bln of the new 12-month Aug 24, 2022 bubill (issuance volumes of E4.0bln).
  • France then sold above its E3.9-5.5bln target of BTFs on Monday afternoon, with a total E5.829bln sold: E2.493bln of the new 13-week Nov 24, 2021 BTF, E1.514bln of the 20-week Jan 12, 2022 BTF, E0.423bln of the 30-week Mar 23, 2022 BTF and E1.399bln of the 50-week Aug 10, 2022 BTF.
  • Austria then held its inaugural ATB auction on Tuesday. It sold E1.008bln of each of the 3-month/11-month issues on offer (against a combined total target of E1-2bln). E1.000bln of the Nov 25, 2021 ATB was allotted and E900mln of the Jul 28, 2022 ATB.
  • Italy will come to the market this morning to issue the new 6-month Feb 28, 2022 BOT for E6.5bln.

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