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Bill Supply For Nov 2-3, 2021

EUROZONE T-BILL ISSUANCE

Belgium, the ESM, France, the EU and Greece are all still due to sell bills this week. We look for another E13.2bln of issuance that would bring the estimated weekly total to E22.3bln, down from E17.2bln from first round operations last week.

  • Belgium will kick off this morning'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 this morning, the ESM will sell E1.5bln of the new 3-month Feb 3, 2022 bill.
  • This 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.
  • Tomorrow, 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 tomorrow, looking to sell E625mln of the new 13-week Feb 4, 2022 GTB.

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