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Germany, France, Spain, Belgium, Finland, the ESM and Italy are all due to issue T-bills this week, we estimate supply of E28.1bln (higher than the E16.3bln seen last week).
- Germany will kick off issuance on Monday with E4bln of the 6-month Aug 25, 2021 bubill on offer.
- Also Monday, France looks to sell E4.7-5.9bln of BTFs: E2.4-2.8bln of the new 13-week May 12, 2021 BTF, E0.8-1.2bln of the 20-week Jun 30, 2021 BTF and E1.5-1.9bln of the 50-week Jan 26, 2022 BTF.
- On Wednesday, Spain looks to sell letras with amounts to be confirmed Monday. On offer will be the 6-month Aug 13, 2021 and 12-month Feb 11, 2022 letras.
- Belgium then looks to sell E1.8-2.2bln of TCs: an indicative E0.8bln of the short May 13, 2021 TC and an indicative E1.2bln of the long Jan 13, 2022.
- Finland will then sell E2bln of RFTBs: E1bln of each of the 6-month Aug 10, 2021 RFTB and the 9-month Nov 9, 2021 RFTB.
- The ESM will conclude Tuesday's issuance with E1.1bln of the new 12-month Feb 10, 2022 bill on offer.
- Italy will round off issuance for the week on Wednesday with E7bln of the 12-month Feb 14, 2022 BOT on offer.