Bill Supply For W/C Nov 1, 2021: Recap

Germany, the Netherlands, Belgium the ESM, France, Greece and the EU have all sold bills this week for a combined total of E22.3bln from first round operations, up from E17.2bln last week.

• Germany kicked off issuance for the week selling a total E6bln of 3/9-month bubills - although the issuance split was changed from the originally proposed E3bln each. E4.318bln of the 3-month Feb 23, 2022 bubill was allotted with issuance volumes of E4.5bln and E1.465bln of the the 9-month Aug 24, 2022 bubill was allotted with issuance volumes of E1.5bln.
• Monday morning also saw the Netherlands sell E1.56bln of each of the Feb 25, 2022 DTC and the new Apr 28, 2022 DTC. Issuance targets for each were E1-2bln.
• Belgium kicked off Tuesday morning's issuance selling E1.801bln of TCs, the top of the target range: E896mln of the 4-month Mar 10, 2022 TC and E905mln of the 6-month the May 12, 2022 TC.
• The ESM then sold E1.5bln of the new 3-month Feb 3, 2022 bill.
• Tuesday afternoon, France sold E6.287bln of BTFs (again the top of the target range): E3.094bln of the new 13-week Feb 2, 2022 BTF, E1.896bln of the 22-week Apr 6, 2022 BTF and E1.297bln of the 48-week Oct 5, 2022 BTF.
• Greece sold on Wednesday E625mln of the new 13-week Feb 4, 2022 GTB.
• The EU concluded issuance for the week on Wednesday, selling E1.497bln of the new 3-month Feb 4, 2022 EU-bill and E1.496bln of the new 6-month May 6, 2022 EU-bill.

For more on future auctions see the MNI Eurozone/UK T-bill auction calendar.