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We saw a slowdown in bill issuance this week with E15.9bln sold in first round operations, down from E35.4bln last week.

  • Germany kicked off issuance on Monday, allotting E3.57bln of the 6-month Dec 15, 2021 bubill, with total issuance volumes of E4bln.
  • France then came to the market selling just under up to E6.5bln of BTFs: E2.797bln of the new 13-week Sep 15, 2021 BTF, E1.693bln of the 22-week Nov 17, 2021 BTF, E397mln of the 40-week Mar 23, 2022 BTF and E1.597bln of the 48-week May 18, 2022 BTF.
  • Tuesday morning, Spain sold E1.94bln of letras against a E1.5-2.5bln target: E400mln of the 3-month Sep 10, 2021 letras and E1.54bln of the 9-month Mar 4, 2022 letras.
  • Also Tuesday, the ESM sold E1.5bln of new 6-month Dec 23, 2021 bills.
  • Wednesday, Portugal sold E1.25bln of BTs (the top of its E1.00-1.25bln target range): E500mln of the 3-month Sep 17, 2021 BT and E750mln of the 11-month May 20, 2022 BT.
  • Ireland rounded off issuance for the week on Thursday selling E750mln of the new 6-month Dec 20, 2021 IRTBs.