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Bill Supply For W/C Jul 12, 2021

EUROZONE T-BILL ISSUANCE

Spain, Belgium, the ESM and Ireland are all still due to sell bills this week while Germany and France issued E10.3bln yesterday. We estimate E16.6bln of sales in first round operations, down from E31.0bln last week.

  • Germany kicked off issuance on Monday morning, allotting E3.466bln of the 6-month Jan 19, 2022 bubill with an issuance volume of E4bln.
  • France on Monday afternoon sold E6.285bln of BTFs (the top of the target range): E2.893bln of the new 13-week Oct 13, 2021 BTF, E1.597bln of the 22-week Dec 15, 2021 BTF and E1.795bln of the 48-week Jun 15, 2022 BTF.
  • This morning, Spain will sell 3/9-month letras with a combined E1-2bln on offer. The letras will mature Oct 8, 2021 letras and Apr 8, 2022 respectively.
  • Belgium will then 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 this morning's issuance with E1.1bln of the new 12-month Jul 14, 2022 bill on offer.
  • Ireland will come to the market Thursday with a E750mln reopening of the 5-month Dec 20, 2021 IRTB.

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