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Bill supply for W/C Feb 1, 2021

EUROZONE T-BILL ISSUANCE

Germany, the Netherlands, France, Belgium the ESM and Greece are all set to issue T-bills next week. We look for total bill issuance in the week of E16.3bln, marginally lower than the E17.3bln seen this week.

  • Germany will look to sell E6bln of bubills on Monday: E3bln of each of the 3-month May 5, 2021 bubill and the 9-month Nov 24, 2021 bubill.
  • The Netherlands will then look to sell E0.5-1.5bln of each of the Short May 28, 2021 DTC and the Long Jul 29, 2021 DTC.
  • Also on Monday, France looks to sell E4.4-5.6bln BTFs: E2.1-2.5bln of the 12-week Apr 28, 2021, E1.0-1.4bln of the 21-week Jun 30, 2021 and E1.3-1.7bln of the 51-week Jan 26, 2022.
  • On Tuesday, Belgium looks to sell E0.6-1.0bln of the Short May 13, 2021 TC.
  • Also Tuesday, the ESM will sell E1.5bln of the new 3-month Jul 22, 2021 bill.
  • Greece will round off bill issuance for the week on Wednesday with E625mln of the new 13 week May 7, 2021 GTB on offer.
For more details and a calendar of T-bill operations for the year ahead see the MNI Eurozone and UK T-bill auction calendar here.

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