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Pullback Considered Corrective


Holding Above Recent Lows


BLOCK, Large 3Y Midcurve Put Condor

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The EU and Ireland are all still due to sell T-bills this week and we look for an additional E5.7bln of issuance. We estimate E20.9bln of bill supply for the week in total from first round operations, down from E32.0bln last week.
  • This morning, the EU will hold its inaugural T-bill auction with up to E3bln of the 3-month Dec 3, 2021 bill and up to E2bln of the 6-month Mar 4, 2022 bill on offer. Results will be available shortly after the auction closes at 11:00BST/12:00CET. There will be no green shoe option for EU bill auctions.
  • Portugal's planned bill 6/12-month BT auction that was scheduled for this morning has been cancelled (the cancellation announcement was made last Friday).
  • Ireland is scheduled to draw the week's issuance to a close tomorrow with a E750mln auction of the 5-month Feb 21, 2022 ITB.