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(M1) Bullish Focus


(M1) New Multi-Month Highs


Clearing Major Support


Sizeable Resistance Building


Needle Still Points North

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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 E28.7bln (higher than the E16.3bln seen last week).

    • Today, Spain looks to sell E6-7bln letras. 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.
  • RECAP:
    • Germany allotted will kick off issuance on Monday with E3.680bln of the 6-month Aug 25, 2021 bubill with issuance volume of E4bln.
    • Also Monday, France sold E5.889bln of BTFs against a 4.7-5.9bln target: E2.796bln of the new 13-week May 12, 2021 BTF, E1.196bln of the 20-week Jun 30, 2021 BTF and E1.897bln of the 50-week Jan 26, 2022 BTF.
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.