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Bill Supply For W/C Jul 5, 2021

EUROZONE T-BILL ISSUANCE

Eurozone T-bill issuance is set to step up this week with an estimated E31.1bln due to be sold in first round operations, up from E17.1bln last week.

  • Germany kicked off issuance for the week selling 3/9-month bubills: allotting E2.716bln of the Oct 27, 2021 bubill and E2.535bln of the Apr 21, 2022 bubill (issuance volumes of E3bln for each).
  • The Netherlands sold E2.11 bln of 3.5-month Oct 28, 2021 DTCs against an issuance target of E1.5-2.5bln.
  • France rounded off Monday's issuance selling E6.218bln of BTFs (against a E4.7-6.3bln target). E2.425bln of the 12-week Sep 29, 2021 BTF, E499mln of the 15-week Oct 20, 2021 BTF, E1.598bln of the 23-week Dec 15, 2021 BTF and E1.696bln of the 49-week Jun 15, 2022 BTF.
  • This morning, Spain will look to sell a combined E5-6bln of 6/12-month letras. On offer will be Jan 14, 2022 letras and new 12-month Jul 8, 2022 letras.
  • Belgium will look to sell E1.4-1.8bln of 4/6-month TCs: an indicative E800mln of each of the Nov 11, 2021 TC and Jan 13, 2022 TC.
  • Also this morning, the ESM will look to sell E1.5bln of the new 3-month Oct 7, 2021 bill.
  • Greece will look to sell E625mln of new 13-week Oct 8, 2021 GTBs tomorrow.
  • Italy will conclude issuance for the week with 12-month BOTs on offer. Amounts will be announced later today but we look for E7.5bln.

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