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Bill supply for W/C Jan 11th

EUROZONE T-BILL ISSUANCE

Germany, France, Spain, Italy, Belgium, Finland and the ESM are all set to issue bills this week. We expect bill issuance of E29.4bln, up from E16.1bln last week.

  • Spain, Italy, Belgium, Finland and the ESM will all issue on Tuesday:
    • Spain will come to the market with E5.5-6.5bln: 6-month Jul 6, 2021 letras and 12-month Jan 14, 2022 letras on offer.
    • Italy will offer E7bln of the 12-month Jan 14, 2022 BOT.
    • Belgium will offer E2.8-3.0bln: an indicative E1.0bln of the short May 13, 2021 TC and an indicative E2.0bln of the long Jan 13, 2022 TC.
    • Finland will offer E2bln with E1bln each of the 8-month Aug 10, 2021 and 11-month Nov 9, 2021 bills.
    • The ESM will conclude issuance for the week with E1.1bln of the new 12-month Jan 13, 2022 bill on offer.
  • Recap: Germany and France will both issued bills Monday.
    • Germany allotted a total of E4.265bln of bubills (will issuance volume of E7bln). E2.115bln of the 5-month Jun 9, 2021 and E2.150bln of the new 11-month Dec 15, 2021.
    • France sold E5.934bln of BTFs, the top of the E4.8-6.0bln range on offer: the 13 week Apr 14, 2021 BTF for E2.645bln, the 22 week Jun 16, 2021 BTF for E1.497bln and the 48 week Dec 15, 2021 BTF for E1.972bln.

For more details see the MNI Eurozone and UK T-bill auction calendar.

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