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Bill Supply For W/C Jul 19, 2021


Germany, the Netherlands, France, the ESM and Portugal are all due to come to the market next week to sell T-bills. We estimate issuance of E17.4bln from first round operations, marginally up from E16.9bln this week.

  • Germany will come to the market Monday morning to sell up to E6bln of 5/11-month bubills: E3bln each of the Dec 15, 2021 bubill and the Jun 22, 2022 bubill.
  • The Netherlands on Monday morning will look to sell E1.5-2.5bln of the 3.5-month Oct 28, 2021 DTC.
  • France will conclude Monday's issuance with up to E6.3bln of BTFs on offer: E2.6-3.0bln of the 13-week Oct 13, 2021 BTF, E0.9-1.3bln of the 22-week Dec 15, 2021 BTF and E1.6-2.0bln of the new 51-week Jul 13, 2022 BTF.
  • On Tuesday, the ESM will look to sell E1.5bln of the new 6-month Jan 20, 2022 bill.
  • Portugal will conclude the week's issuance on Wednesday with a combined E1.25-1.50bln of 6/12-month BTs on offer: the 6-month Jan 21, 2022 BT and the new 12-month Jul 22, 2022 BT.

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