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Bill Supply For W/C Nov 15, 2021 (1/2)


Germany, the Netherlands, France, Spain, the ESM, the EU, Ireland and potentially Portugal are all due to sell bills next week. We estimate E21.7bln from first round operations, down from E25.4bln this week.

  • Germany will come to the market Monday morning to sell E3bln of each of the 5-month Apr 21, 2022 bubill and the 11-month Oct 19, 2022 bubill.
  • The Netherlands will look to sell E1-2bln of each of the 3.5-month Feb 25, 2022 DTC and the 5.5-month Apr 28, 2022 DTC.
  • Monday afternoon, France will look to sell up to E6.2bln of BTFs: E2.6-3.0bln of the new 13-week Feb 16, 2022 BTF, E1.4-1.8bln of the 20-week Apr 6, 2022 BTF and E1.0-1.4bln of the 50-week Nov 2, 2022 BTF.
  • On Tuesday, Spain will kick off issuance with the 3-month Feb 11, 2022 letras and 9-month Aug 12, 2022 letras on offer. Amounts will be confirmed on Monday.
  • Also Tuesday, the ESM will look to sell E1.5bln of new 6-month bills.

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