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Bill supply for W/C Jan 18, 2021: Upcoming

EUROZONE T-BILL ISSUANCE

Spain, the ESM, Portugal and Ireland are all still due to issue T-bills this week. We estimate total issuance of E23.5bln this week, down from the E32.4bln issued last week.

  • 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 E750mln of the 5-month Jun 21, 2021 ITB.

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