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Bill Supply For W/C Jul 12, 2021


Germany, France, Spain, Belgium, the ESM and Ireland are all due to sell bills this week. We estimate E16.9bln of sales in first round operations, down from E31.0bln last week.

  • Germany will kick off issuance this morning with E4bln of the 6-month Jan 19, 2022 bubill on offer.
  • France will then look to sell E5.1-6.3bln of BTFs: E2.5-2.9bln of the new 13-week Oct 13, 2021 BTF, E1.2-1.6bln of the 22-week Dec 15, 2021 BTF and E1.4-1.8bln of the 48-week Jun 15, 2022 BTF.
  • Tomorrow, Spain will sell 3/9-month letras with amounts to be confirmed Monday: 3-month Oct 8, 2021 letras and 9-month Apr 8, 2022 letras.
  • Belgium will look to sell E2.6-3.0bln TCs: an indicative E800mln of the Nov 11, 2021 TC and an indicative E2.0bln of the new Jul 14, 2022 TC.
  • The ESM will round off tomorrow's issuance with E1.1bln of the new 12-month Jul 14, 2022 bill on offer.
  • Ireland will come to the market Thursday. Details will be announced Monday but we expect a E750mln reopening of the 5-month Dec 20, 2021 IRTB.

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