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Bill Supply For W/C Nov 1, 2021

EUROZONE T-BILL ISSUANCE

Germany, the Netherlands, Belgium, the ESM, France, the EU and Greece are all due to sell bills this week. We look for E22.2bln of issuance for the week, down from E17.2bln from first round operations last week.

  • Germany will come to the market this morning to sell E3bln of each of the 3-month Feb 23, 2022 bubill and the 9-month Aug 24, 2022 bubill.
  • This morning, the Netherlands will also look to sell E1-2bln of each of the Feb 25, 2022 DTC and the new Apr 28, 2022 DTC.
  • Belgium will kick off tomorrow's issuance with E1.4-1.8bln of TCs on offer: an indicative E800mln of each of the Mar 10, 2022 TC and the May 12, 2022 TC.
  • Also tomorrow morning, the ESM will sell E1.5bln of the new 3-month Feb 3, 2022 bill.
  • Tomorrow afternoon, France will sell up to E6.3bln of BTFs: E2.7-3.1bln of the new 13-week Feb 2, 2022 BTF, E1.5-1.9bln of the 22-week Apr 6, 2022 BTF and E0.9-1.3bln of the 48-week Oct 5, 2022 BTF.
  • On Wednesday, the EU will look to sell up to E1.5bln of the new 3-month Feb 4, 2022 EU-bill and up to E1.5bln of the new 6-month May 6, 2022 EU-bill.
  • Greece will also come to the market on Wednesday, looking to sell E625mln of the new 13-week Feb 4, 2022 GTB.

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