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Bill Supply For W/C Jul 19, 2021

EUROZONE T-BILL ISSUANCE

The ESM and Portugal are both still due to come to the market this week to sell T-bills. Germany, the Netherlands and France have already sold bills this week. We estimate issuance of E17.2bln from first round operations, marginally higher than last week's E16.9bln.

  • Recap
    • Germany issued E6bln of 5/11-month bubills on Monday: issuance volumes had been indicated at E3bln for each of the tenors, but due to the demand structure, the issuance volume of the 5-month was reduced to E2.5bln and the 11-month increased to E3.5bln. E2.114bln of the Dec 15, 2021 bubill was allotted and E3.431bln of the Jun 22, 2022 bubill.
    • The Netherlands sold E2.49bln of the 3.5-month Oct 28, 2021 DTC on Monday morning, the top end of the E1.5-2.5bln target range.
    • France concluded Monday's issuance, selling E6.169bln of BTFs against a E5.1-6.3bln range: E2.875bln of the 13-week Oct 13, 2021 BTF, E1.297bln of the 22-week Dec 15, 2021 BTF and E1.997bln of the new 51-week Jul 13, 2022 BTF.
  • Upcoming
    • This morning, the ESM will look to sell E1.5bln of the new 6-month Jan 20, 2022 bill.
    • Portugal will conclude the week's issuance tomorrow 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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