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JGB TECHS

(Z1) Bearish Trend Condition

AUSSIE 10-YEAR TECHS

(Z1) Bearish Price Sequence

AUSSIE 3-YEAR TECHS

(Z1) Off Recent Highs

US 10YR FUTURE TECHS

(Z1)‌‌ Support Appears Exposed

Bill supply for W/C Feb 1, 2021

EUROZONE T-BILL ISSUANCE

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

  • Today, Belgium looks to sell E0.6-1.0bln of the Short May 13, 2021 TC.
  • Also today, the ESM will sell E1.5bln of the new 3-month Jul 22, 2021 bill.
  • Greece will round off bill issuance for the week tomorrow with E625mln of the new 13 week May 7, 2021 GTB on offer.
  • RECAP:
    • On Monday, Germany allotted E5.1174bln of bubills with an issuance volume of E6bln: E2.6934bln of the 3-month May 5, 2021 bubill and E2.424bln of the 9-month Nov 24, 2021 bubill.
    • The Netherlands then sold E1.97bln of DTCs: E0.97bln of the May 28, 2021 DTC and E1.00bln of the Jul 29, 2021 DTC.
    • Also Monday, France sold at the top end of its E4.4-5.6bln target range of BTFs: E2.495bln of the 12-week Apr 28, 2021, E1.394bln of the 21-week Jun 30, 2021 and E1.696bln of the 51-week Jan 26, 2022.
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.
MNI London Bureau | +44 203-865-3820 | tim.davis@marketnews.com