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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI UST Issuance Deep Dive: Dec 2024
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Bill Supply For W/C Jul 12, 2021
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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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.