Trial now

(U1) Tilted Higher


(U1) Uptrend Weakening


Bullard Kickstarts Reflation Unwind Theme


Fresh 2021 Lows

Sign up now for free access to this content.

Please enter your details below and select your areas of interest.

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.