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Bill Supply For W/C May 17, 2021

EUROZONE T-BILL ISSUANCE

Germany, the Netherlands, France, the ESM, Portugal and Ireland all look to issue bills this week. We estimate issuance of E18.8bln, down from E25.3bln last week.

  • Germany came to the market Monday morning to sell E6bln of bubills: allotting E2.951bln of the 5-month Oct 27, 2021 bubill and E2.941bln of the 11-month Apr 21, 2022 bubill.
  • The Netherlands then sold E2.34bln of DTCs against a target of E2-4bln: E1.04bln of the Aug 30, 2021 DTC and E1.30bln of the Oct 28, 2021 DTC.
  • Monday afternoon France sold E6.486bln of BTFs: E2.595bln of the new 13-week Aug 18, 2021 BTF, E1.796bln of the 22-week Oct 20, 2021 BTF and E2.095bln of the 48-week Apr 21, 2022 BTF.
  • On Tuesday, the ESM will sold E1.5bln of the new 6-month Nov 18, 2021 bills
  • On Wednesday, Portugal sold a combined E1.75bln of BTs, at the top of its target range: E750mln of the 6-month Nov 19, 2021 BT and E1bln of the new 12-month May 20, 2022 BT.
  • Ireland will conclude bill issuance for the week this morning with E750mln of the 5-month Oct 25, 2021 IRTB on offer.

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