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Bill supply for W/C Mar 22, 2021

EUROZONE T-BILL ISSUANCE

Germany, France and Italy are the only countries due to issue bills this week. We estimate supply at E16.1bln, down from E18.1bln sold in first round auctions last week.

  • Germany will kick off issuance for the week this morning with E4bln of the new 12-month Mar 23, 2022 bubill on offer.
  • France looks to sell E4.6-6.2bln of BTFs this afternoon: E2.2-2.6bln of the new 13-week Jun 23, 2021 BTF, E0.9-1.3bln of the 22-week Aug 25, 2021 BTF, E0.1-0.5bln of the 28-week Oct 6, 2021 BTF and E1.4-1.8bln of the 48-week Feb 23, 2022 BTF.
  • Italy will look to sell the 6-month Sep 30, 2021 BOT on Thursday. Details will be announced today, we pencil in E6.0-6.5bln. There is also a chance that Flexible BOTs could be sold, but we think this is unlikely.
For details of upcoming T-bill auctions see the MNI Eurozone/UK T-bill auction calendar here.

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