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Bill Supply For W/C Nov 16

Germany, France, Spain and the ESM will issue bills in the W/C 16 Nov 2020. We estimate supply of E14.0bn (from an initial estimate of E13.3bn) compared to E21.5bn the previous week.
  • RECAP: Germany was the first to come to market with a tap of the Feb 3, 2021 and Aug 25, 2021 bubills on Monday, with E2.595bn allotted. France then sell a combination of 3-/6-/12-month BTFs for E7.287bn.
  • ISSUANCE: Spain will auction 3- and 9-month letras on Tuesday for E0.5-1.5bn. The ESM will offer EUR2bn of 6-month bills on the same day. Ireland will sell E0.75bn of Apr 19, 2021 bills on 19 Nov.
  • CASH FLOWS: E14.3bn of redemptions will leave net cash flows at E-1.0bn for the week.
** For further details please see MNI Eurozone T-Bill Calendar

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