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Bill Supply For W/C Nov 29, 2021

EUROZONE T-BILL ISSUANCE

The EU and Greece will come to the market to sell bills this week while Germany and France have already issued. MNI estimates E15.1bln of bill issuance at first round operations, slightly lower than the E14.9bln seen last week.

  • Germany kicked off issuance yesterday morning allotting E2.730bln of the 6-month Jun 22, 2022 bubill and E2.402bln of the 9-month Sep 21, 2022 bubill. Issuance volumes for both bubills were E3bln.
  • Yesterday afternoon saw France sell E5.437bln of 13/22/48-week BTFs: E2.795bln of the new 13-week Mar 2, 2022 BTF, E1.445bln of the 22-week May 4, 2022 BTF and E1.197bln of the 48-week Nov 2, 2022 BTF.
  • Greece will come to the market on Wednesday to sell E625mln of the new 26-week Jun 3, 2022 GTB.
  • The EU will conclude bill issuance for the week, also on Wednesday, selling up to E1.5bln of each of the 3-month Mar 4, 2022 EU-bill and the new 6-month Jun 3, 2022 EU-bill. Note that this will be the first time a 3-month bill will be issued that was previously sold as a 6-month issue.

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