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AOFM Weekly Issuance Slate


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China Repo Rates Diverge Friday

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Germany, the Netherlands and France are the only countries due to issue bills next week. We estimate issuance of E14.9bln at first round auctions, marginally down from the E15.9bln sold this week.

  • Germany will kick off issuance on Monday morning, with E3bln each of the 5-month Nov 24, 2021 bubill and the 11-month May 18, 2022 bubill on offer.
  • The Netherlands will look to sell E1-2bln of each of the 3-month Sep 29, 2021 DTC and 5-month Nov 29, 2021 DTC.
  • France will then conclude issuance for Monday (and for the week) with up to E6.5bln of BTFs available in the afternoon. On offer will be E2.7-3.1bln of the 12-week Sep 15, 2021 BTF, E1.3-1.7bln of the 21-week Nov 17, 2021 BTF and E1.3-1.7bln of the new 51-week Jun 15, 2022 BTF.