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We look for a slowdown in bill issuance next week with an estimated E15.5bln on offer, down from E35.4bln this week.
- Germany will kick off issuance Monday morning with E4bln of the 6-month Dec 15, 2021 bubill on offer.
- France will then come to the market sell up to E6.5bln of BTFs: E2.4-2.8bln of the new 13-week Sep 15, 2021 BTF, E1.3-1.7bln of the 22-week Nov 17, 2021 BTF, E0-400mln of the 40-week Mar 23, 2022 BTFand E1.2-1.6bln of the 48-week May 18, 2022 BTF.
- On Tuesday, Spain will look to sell 3-month Sep 10, 2021 letras and 9-month Mar 4, 2022 letras. Issuance volumes will be announced on Monday.
- Also Tuesday, the ESM comes to the market to offer E1.5bln of new 6-month Dec 23, 2021 bills.
- On Wednesday, Portugal will look to sell E1.00-1.25bln of the 3-month Sep 17, 2021 BT and the 11-month May 20, 2022 BT.
- Ireland will round off issuance for the week on Thursday with details of the auction to be announced on Monday. We would expect a new 6-month IRTB maturing mid-December to be issued for E750mln.