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Bill supply for W/C Apr 5, 2021

EUROZONE T-BILL ISSUANCE

Bill issuance is due to pick up once more next week with Belgium, France, Germany, Greece, Italy, the Netherlands and the ESM all due to issue next week. We estimate E24.1bln of bills will be sold, up from just E6.7bln this week.

  • France issue E5.889bln of BTFs against a E4.8-6.0bln target on Monday: E2.497bln of the 12-week Jun 23, 2021 BTF, E1.495bln of the 21-week Aug 25, 2021 BTF and E1.897bln of the new 51-week Mar 23, 2022 BTF.
  • Belgium will be among the first issuers of bills on Tuesday with E0.6-1.0bln of the Jul 15, 2021 TCE on offer.
  • Germany looks to see E6bln of bubills: E3bln of the 3-month Jul 28, 2021 bubill and E3bln of the 9-month Jan 19, 2022 bubill.
  • The Netherlands looks to sell E2-4bln of TCs: E1-2bln of each of the Jul 29, 2021 DTC and the new Sep 29, 2021 DTC.
  • The ESM will then look to sell E1.5bln of new 3-month Jul 8, 2021 bills.
  • On Tuesday afternoon, France will come to the market, with details of the BTF auction expected tomorrow.
  • Greece will come to the market on Wednesday to sell E625mln of the new 13-week GTB.
  • Italy will conclude Eurozone bill issuance for the week on Friday, launching the new 12-month Apr 14, 2022 BOT and there is also an outside chance for Italy to sell 3-month/Flexible BOTs (we think this is unlikely). Details of the auction will be announced on Tuesday.
For details of upcoming T-bill auctions see the MNI Eurozone/UK T-bill auction calendar here.
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