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Bill supply for W/C Mar 1, 2021

EUROZONE T-BILL ISSUANCE

Germany, the Netherlands, France, Spain, Belgium and the ESM will all issue bills next week. We look for E23.2bln to be raised next week, up from the E17.2bln sold in first round operations this week.

  • On Monday morning, Germany will come to the market to sell E6bln 3/9-month bubils: E3bln of each of the 3-month Jun 9, 2021 bubill and the 9-month Dec 15, 2021 bubill.
  • Also Monday morning, the Netherlands will look to sell 4/6-month DTCs: E0.5-1.5bln of the Jun 29, 2021 DTC and E0.5-1.5bln of the Aug 30, 2021 DTC.
  • Monday afternoon, France will look to sell E4.4-6.0bln of BTFs. On offer E2.2-2.6bln of the 12-week May 27, 2021 BTF, E1.1-1.5bln of the 21-week Jul 28, 2021 BTF, E0.1-0.5bln of the 35-week Nov 4, 2021 BTF and E1.0-1.4bln of the new 51-week Feb 23, 2022 BTF.
  • Tuesday morning, Spain will come to the market to sell 6/12-month letras with the amount to be confirmed on Monday. On offer will be the 6-month Sep 10, 2021 letras and the new 12-month Mar 4, 2022 letras.
  • Belgium will also come to the market on Tuesday to sell E1.4-1.8bln of the 3.5-month Jul 15, 2021 TC and the 6-month Sep 9, 2021 TC (an indicative amount of E800mln for each TC).
  • Also Tuesday, the ESM will sell E1.5bln of new 3-month Jun 3, 2021 bills.
For details of upcoming T-bill auctions see the MNI Eurozone/UK T-bill auction calendar here.

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