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Bill supply for W/C Mar 1, 2021 (1/2)

EUROZONE T-BILL ISSUANCE

Germany, France, Spain, Belgium, Finland, the ESM, Italy and Greece will all issue bills next week. We estimate issuance of E24.7bln in first round auctions, a little higher than the E23.7bln raise this week.

  • Germany will kick off issuance on Monday with E4bln of the 6-month Sep 29, 2021 bubill on offer.
  • Monday afternoon, France will look to sell E5.0-6.2bln of BTFs: E2.9-3.3bln of the new 13-week Jun 9, 2021 BTF, E1.1-1.5bln of the 20-week Jul 28, 2021 BTF and E1.0-1.4bln of the 50-week Feb 23, 2022 BTF.
  • On Tuesday Spain will look to sell 3/9-month letras with volumes TBA (we pencil in E2.5bln). On offer are 3-month Jun 11, 2021 letras and the 9-month Dec 10, 2021 letras.
  • Belgium will looks to sell E1.4-1.8bln of TCs: an indicative E800mln each of the 4-month Jul 15, 2021 TC and the 12-month Mar 10, 2022 TC.

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