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Bill Supply For W/C Oct 11, 2021

EUROZONE T-BILL ISSUANCE

Germany, France, Italy, Belgium, Finland and the ESM are all scheduled to sell bills this week. We estimate E20.9bln of Eurozone bills will be sold in the first round operations this week, down from the E29.8bln sold last week.

  • Germany will kick off issuance this morning with E4bln of the 6-month Apr 21, 2022 bubill on offer.
  • France will then come to the market this afternoon to sell up to E6.8bln of BTFs: E2.6-3.0bln of the 12-week Jan 5, 2022 BTF, E1.5-1.9bln of the 21-week Mar 9, 2022 BTF and E1.5-1.9bln of the new 51-week Oct 5, 2022 BTF.
  • Italy will kick off tomorrow's issuance with E6bln of the new 12-month Oct 14, 2022 BOT on offer.
  • Belgium will then look to sell E1.8-2.2bln of TCs: an indicative E800mln of the 3-month Jan 13, 2022 TC and an indicative E1.2bln of the 11-month Sep 8, 2022 TC
  • Finland will then look to sell up to E1bln of RFTBs: up to E500mln of the 7-month May 12, 2022 RFTB and up to E500mln of the 10-month Aug 12, 2022 RFTB.
  • The ESM will draw issuance for the week to a close tomorrow with E1.1bln of the new 12-month Oct 13, 2022 bill on offer.

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