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Gold Inching Toward Bull Trigger

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Italy, Germany, France and Greece are all scheduled to sell bills next week. We estimate E17.1bln will be sold through first round operations, a little higher than the E15.4bln sold this week.

  • Italy will kick off issuance for the week with E6.5bln of the 6-month Dec 31, 2021
  • Germany will then look to sell E4bln of the new 12-month Jun 22, 2022 bubill.
  • Monday afternoon will see France looking to sell E4.8-6.0bln of BTFs: E2.2-2.6bln of the new 13-week Sep 29, 2021 BTF, E1.2-1.6bln of the 20-week Nov 17, 2021 BTF and E1.4-1.8bln of the 50-week Jun 15, 2022 BTF.
  • Greece will conclude issuance for the week (and quarter) on Wednesday with E625mln of the new 26-week Dec 31, 2021 GTB on offer.