EUROZONE NOV FLASH MANUF PMI 45.2 (FCST: 46.0); OCT 46.0

GERMANY NOV FLASH MANUF PMI 43.2 (FCST: 43.0); OCT 43.0

FRANCE NOV FLASH MANUF PMI 43.2 (FCST:44.5); OCT 44.5

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Bill supply for W/C Mar 8, 2021 (1/2)

EUROZONE T-BILL ISSUANCE

Germany, France, Spain, Belgium, Finland, the ESM, Italy and Greece have sold a combined total of E24.9bln in first round auctions, a little higher than the E23.7bln raised last week. There are no more Eurozone bill auctions due this week.

  • Germany allotted E3.86bln of the 6-month Sep 29, 2021 bubill with an issuance volume of E4bln. After a couple of weak bubill auctions recently, the auction was successful with a bid-to-cover of 1.36x and a Buba cover of 1.41x.
  • France then sold E6.2bln of BTFs, the top of its target range: E3.293bln of the new 13-week Jun 9, 2021 BTF, E1.494bln of the 20-week Jul 28, 2021 BTF and E1.395bln of the 50-week Feb 23, 2022 BTF.
  • Spain sold E1.94bln of 3/9-month letras against a target of E1.5-2.5bln: E345mln 3-month Jun 11, 2021 letras and E1.595bln 9-month Dec 10, 2021 letras.
  • Belgium then sold E2.93bln of TCs against a target of E2.6-3.0bln: E930mln of the 4-month Jul 15, 2021 TC and E2.003bln of the 12-month Mar 10, 2022 TC.
  • Finland sold E1.885bln RFTBs: E885mln of the 8-month Nov 9, 2021 RFTB and E1.0bln of the new 11-month Feb 14, 2022 RFTB.
  • Finally on Tuesday, the ESM looks sold E1.1bln of new 12-month Mar 10, 2022 bills.
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