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Bill supply for W/C Jan 11th

EUROZONE T-BILL ISSUANCE

Germany, France, Spain, Italy, Belgium, Finland and the ESM have all issued bills this week with all first round issues now completed. We expect bill issuance of E29.5bln, up from E16.1bln last week.

  • Recap
    • On 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.
    • Also on Monday, 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.
    • On Tuesday, Spain sold E6.151bln letras vs a target of E5.5-6.5bln: E1.025bln 6-month Jul 6, 2021 letras and E5.126bln 12-month Jan 14, 2022 letras.
    • Italy sold E7bln of the 12-month Jan 14, 2022 BOT.
    • Belgium sold E3.042bln of bills vs a E2.8-3.0bln target: E1.035bln of the short May 13, 2021 TC and E2.007bln of the long Jan 13, 2022 TC.
    • Finland sold E2bln with E1bln each of the 8-month Aug 10, 2021 and 11-month Nov 9, 2021 bills.
    • The ESM concluded first round issuance for the week on Tuesday with E1.1bln of the new 12-month Jan 13, 2022 bill.

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

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