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Bill supply for W/C May 3, 2021


Germany, the Netherlands, France, Spain, Belgium the ESM and Greece are all due to hold bill auctions next week. We estimate E25.8bln will be raised through first round operations, up from E18.1bln last week.

  • Germany will kick off issuance for the week on Monday morning with E6bln of bubills on offer: E3bln of each of the 3-month Aug 25, 2021 bubill and the 9-month Feb 23, 2022 bubill.
  • Also Monday morning, the Netherlands will look to sell E2-4bln DTCs: E1-2bln of each of the Aug 30, 2021 DTC and the new Oct 28, 2021 DTC.
  • Monday afternoon will see France come to the market to sell E5.4-6.6bln of BTFs: E2.4-2.8bln of the new 13-week Aug 4, 2021 BTF, E1.3-1.7bln of the 20-week Sep 22, 2021 BTF and E1.7-2.1bln of the 50-week Apr 21, 2022 BTF.
  • Spain will come to the market Tuesday morning with amounts to be confirmed on Monday. On offer will be 6-month Nov 12, 2021 letras and new 12-month May 6, 2022 letras.
  • Also Tuesday morning, Belgium will look to sell E1.4-1.8bln of TC, an indicative E800mln of each of the the Sep 9, 2021 TC and the Nov 11, 2021 TC.
  • The ESM will then sell E1.5bln of new 3-month Aug 5, 2021 bills.
  • Greece will round off issuance for the week on Wednesday with E625mln of the new 13-week Aug 6, 2021 GTB on offer.
For details of upcoming T-bill auctions see the MNI Eurozone/UK T-bill auction calendar here.

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