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Bill Supply For W/C Jul 12, 2021: Recap

EUROZONE T-BILL ISSUANCE

Germany, France, Spain, Belgium, the ESM and Ireland have issued E16.9bln of bills this week 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.
  • 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 came to the market Thursday, selling E750mln of the 5-month Dec 20, 2021 IRTB.

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