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Bill Supply For W/C Nov 15, 2021: Upcoming

EUROZONE T-BILL ISSUANCE

Spain, the ESM, the EU and Ireland are all still due to sell bills this week. We estimate a further E6.2bln of issuance, which would bring issuance for the week to E21.5bln from first round operations, down from E25.4bln last week.

  • This morning, Spain will kick off issuance by selling a combined E1.5-2.5bln of 3-month Feb 11, 2022 letras and 9-month Aug 12, 2022 letras on offer.
  • Also today, the ESM will look to sell E1.5bln of new 6-month bills.
  • Tomorrow, the EU will look to reopen the 3-month Feb 4, 2022 EU-bill and the 6-month May 6, 2022 EU-bill for up to E1bln each.
  • Portugal has cancelled its previously announced T-bill auction which had been scheduled for tomorrow.
  • Ireland will conclude issuance for the week on Thursday by reopening the 5-month Apr 25, 2022 bill for E750mln.

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