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Bill Supply For W/C Jul 12, 2021


Ireland are due to sell bills today while Germany, France, Spain, Belgium and the ESM have issued E16.2bln so far this week. We estimate E16.9bln of sales in first round operations for the week as a whole, 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.
  • On Tuesday morning, Spain sold E1.804bln of 3/9-month letras against a combined target of E1-2bln: E404mln Oct 8, 2021 letras and E1.40bln Apr 8, 2022 letras.
  • Belgium then sold E3.006bln TCs, the top of the E2.6-3.0bln target range: E803mln of the Nov 11, 2021 TC and E2.203bln of the new Jul 14, 2022 TC.
  • The ESM rounded off Tuesday's issuance by selling E1.1bln of the new 12-month Jul 14, 2022 bill.
  • Ireland will come to the market this morning with a E750mln reopening of the 5-month Dec 20, 2021 IRTB.

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