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Bill supply for W/C Feb 15, 2021

EUROZONE T-BILL ISSUANCE

Germany, the Netherlands, France, Spain, the ESM, Ireland and potentially Portugal are all due to issue bills this week. We estimate total supply of E22.6bln down from E28.7bln in last week.

  • Germany will come to the market this morning with E6bln on offer: E3bln of each the 5-month Jul 28, 2021 bubill and the 11-month Jan 19, 2022 bubill.
  • This 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 today'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.
BulletMarketsFixed Income Bullets
BulletMarketsFixed Income Bullets

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