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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 have all issued bills this week. Supply from first round operations was E25.3bln, almost unchanged on last week's E25.4bln.

  • Germany kicked off bill issuance for the week on Monday morning 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.
  • Monday 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.
  • Tuesday morning, Spain sold a combined E1.400bln of letras: E260mln of 3-month Aug 13, 2021 letras and E1.140bln of 9-month Feb 11, 2022 letras.
  • Belgium then sold E2.852bln of of 4/12-month TCs against a target of E2.6-3.0bln: E802mln of the Sep 9, 2021 TC and E2.050bln of the new May 12, 2022 TC.
  • Also Tuesday, the ESM sold E1.1bln of the new 12-month May 12, 2022 bill.
  • Italy concluded issuance for the week on Wednesday selling E7.5bln of the new 12-month May 13, 2022 BOT.

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