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Germany, the Netherlands, France, Spain, the ESM, Ireland and potentially Portugal are all due to issue bills in the W/C 15 Feb. We estimate total supply of E22.6bln down from E28.7bln in the W/C 8 Feb.
- Germany will come to the market Monday with E6bln on offer: E3bln of each the 5-month Jul 28, 2021 bubill and the 11-month Jan 19, 2022 bubill.
- Monday morning will also see the Netherlands sell E1-3bln of DTCs with the Mar 28, 2021 DTC and Jul 29, 2021 DTC both on offer.
- France will conclude Monday's issuance with E5.1-6.3bln of BTFs on offer: E2.9-3.3bln of the 12-week May 12, 2021 BTF, E1.0-1.4bln of the new 23-week Jul 28, 2021 BTF and E1.2-1.6bln of the 49-week Jan 26, 2022 BTF.
- Spain will kick off Tuesday's issuance with amounts TBC. The 3-month May 7, 2021 letras and the 9-month Nov 12, 2021 letras will be on offer.
- The ESM will then issue E1.5bln of the new 6-month Aug 19, 2021 bill.
- Portugal has a provisionally scheduled E1.00-1.25bln auction of the 3-month May 21, 2021 BT and the 11-month Jan 21, 2022 BT. However, there has been no format announcement so we do not think this auction will take place.
- Finally, Ireland will sell bills on Thursday with details to be announced Monday.