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Bill Supply For W/C Jul 19, 2021

EUROZONE T-BILL ISSUANCE

Germany, the Netherlands, France, the ESM and Portugal are all due to come to the market this week to sell T-bills. We estimate issuance of E16.9bln from first round operations, in line with last week's issuance (also of E16.9bln).

  • Germany will come to the market this 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 also this morning will look to sell E1.5-2.5bln of the 3.5-month Oct 28, 2021 DTC.
  • France will this afternoon look to sell up to E6.3bln of BTFs: 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.
  • Tomorrow, 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 E0.75-1.00bln of the new 12-month Jul 22, 2022 BT on offer. Note that the auction was originally planned to be a 6/12-month BT auction for E1.25-1.50bln.

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