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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, Greece will round off bill issuance for the week 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.
    • On Tuesday, Belgium looks to sell E0.81bln of the Short May 13, 2021 TC, the middle of its E0.6-1.0bln target range.
    • Also Tuesday, the ESM sold E1.5bln of the new 3-month Jul 22, 2021 bill.
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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