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Bill supply for W/C Feb 15, 2021: Upcoming

EUROZONE T-BILL ISSUANCE

Spain, the ESM, Portugal and Ireland are all still due to issue bills this week. We estimate a further E6.5bln of bills will be sold this week, bringing total supply of E20.3bln for the week down from E28.7bln in last week.

  • Spain will kick off today's issuance with E2-3bln available. The 3-month May 7, 2021 letras and the 9-month Nov 12, 2021 letras will be on offer.
  • The ESM will also come to the market today to sell E1.5bln of the new 6-month Aug 19, 2021 bill.
  • Tomorrow, Portugal will sell E1.00-1.25bln of the 3-month May 21, 2021 BT and the 11-month Jan 21, 2022 BT.
  • Finally, Ireland will sell E750mln of the new 6-month Aug 23, 2021 ITB on Thursday.

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