Free Trial

Bill Supply For W/C May 17, 2021

EUROZONE T-BILL ISSUANCE

Germany, the Netherlands, France, the ESM, Ireland and potentially Portugal all look to issue bills this week. We estimate issuance of E19.4bln, down from E25.3bln this week.

  • Germany will come to the market Monday morning to sell E6bln of bubills: E3bln of each of the 5-month Oct 27, 2021 bubill and the 11-month Apr 21, 2022 bubill.
  • The Netherlands will then look to sell E2-4bln of DTCs: E1-2bln of each of the Aug 30, 2021 DTC and the Oct 28, 2021 DTC.
  • Monday afternoon will see France look to sell E5.3-6.5bln of BTFs: E2.2-2.6bln of the new 13-week Aug 18, 2021 BTF, E1.4-1.8bln of the 22-week Oct 20, 2021 BTF and E1.7-2.1bln of the 48-week Apr 21, 2022 BTF.
  • On Tuesday, the ESM will sell E1.5bln of the new 6-month Nov 18, 2021 bills
  • On Wednesday, Portugal will potentially sell a combined E1.50-1.75bln of the 6-month Nov 19, 2021 BT and the new 12-month May 20, 2022 BT. The auction is due to be confirmed later today.
  • Ireland will conclude bill issuance for the week on Thursday with details to be announced Monday morning.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.