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Bill Supply For W/C May 10, 2021

EUROZONE T-BILL ISSUANCE
Germany, France, Italy, Spain, Belgium, Finland, and the ESM will issue bills in the W/C May 10. We estimate supply of E25.7bln compared to E25.4bln last week.
  • RECAP
    • Germany kicked off bill issuance for the week with an auction of the Nov24, 2021 bubill. E3.901bln was allotted with issuance volumes of for E4bln.
    • Finland then held an auction of 6- and 9-month bills, selling E992mln and E920mln respectively.
    • Yesterday afternoon France sold E6.44bln of BTFs against a target of E5.3-6.5bln: E2.65bln of the 12-week Aug 4, 2021 BTF, E1.695bln of the new 23-week Oct 20, 2021 BTF and E2.095bln of the 49-week Apr 21, 2022 BTF.
  • UPCOMING
    • This morning, Spain looks to sell a combined E1-2bln of 3-month Aug 13, 2021 letras and 9-month Feb 11, 2022 letras.
    • Belgium will then sell E2.6-3.0bln of 4/12-month TCs: an indicative E800mln of the Sep 9, 2021 TC and E2bln of the new May 12, 2022 TC.
    • The ESM will then sell E1.1bln of the new 12-month May 12, 2022 bill.
    • Italy will conclude issuance for the week with a E7.5bln auction of the new 12-month May 13, 2022 BOT tomorrow.

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