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Bill supply for W/C Jan 18, 2021

EUROZONE T-BILL ISSUANCE

Germany, the Netherlands, France, Spain, the ESM, Portugal and Ireland are all due to issue T-bills in the week commencing 18 January. We estimate issuance of E23.8bln, down from the E32.1bln issued in the prior week.

  • On Monday, Germany, the Netherlands and France will kick off issuance.
    • Germany will offer E3bln each of the 3-month Apr14, 2021 bubill and the 9-month Oct 27, 2021 bubill.
    • The Netherlands will issue E0.5-1.5bln of short Apr 29, 2021 DTCs and long Jun 29, 2021 DTCs.
    • France will issue E4.4-6.0bln of BTFs. E2.1-2.5bln of 12-week Apr 14, 2021 BTFs, E1.1-1.5bln of 23-week Jun 30, 2021 BTFs, E0.3-0.7bln of 45-week Dec 1, 2021 BTFs and E0.9-1.3bln of 47-week Dec 15, 2021 BTFs.
  • Spain and the ESM will issue bills on Tuesday.
    • Spain will offer a combined E5.5-6.5bln of letras: 3-month Apr 16, 2021 letras and 9-month Oct 8, 2021 letras.
    • The ESM will offer E1.5bln of 6-month Jul 22, 2021 bills.
  • On Wednesday, Portugal will issue E1.25-1.50bln combined of 6/12-month bills: Jul 16, 2021 bills and Jan 21, 2022 bills.
  • Ireland will conclude issuance for the week on Thursday with issues and amounts TBC.

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