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Pullback Considered Corrective


Holding Above Recent Lows


BLOCK, Large 3Y Midcurve Put Condor

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Germany, France, Italy and Greece have sold E17.6bln of bills through first round operations this week, marginally higher than the E17.1bln sold last week.

  • Germany kicked off issuance on Monday, allotting E3.587bln of the new 12-month Jul 20, 2022 bubill with issuance volumes of E4bln.
  • France then sold E5.931bln of 13/16/20/50-week BTFs, against a target of E4.4-6.0bln: E2.794bln of the new 13-week Oct 27, 2021 BTF, E799mln of the 16-week Nov 17, 2021 BTF, E796mln of the 20-week Dec 15, 2021 BTF and E1.542bln of the 50-week Jul 13, 2022 BTF.
  • On Wednesday, Italy came to the market to sell E7bln of the new 6-month Jan 31, 2022 BOT.
  • Greece concluded the week's issuance on Wednesday, selling E625mln of the new 26-week GTB.