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Review $24B 20Y-Bond Auction Re-Open, Large Tail

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Germany, the Netherlands, France, Austria, the ESM and the EU are all due to issue bills next week. We estimate issuance of E22.6bln at first round operations (up from E20.9bln this week).

  • Germany will look to sell E3bln of each of the 5/11-month bubills: the 5-month Feb 23, 2022 bubill and the 11-month Aug 24, 2022 bubill.
  • The Netherlands will come to the market to offer E1.5-2.5bln of the 5-month Feb 25, 2022 DTC.
  • On Monday afternoon, France will look to sell up to E6.9bln of 11/20/50-week BTFs: E2.5-2.9bln of the 11-week Dec 8, 2022 BTF, E1.8-2.2bln of the 20-week Feb 9, 2022 BTF and E1.4-1.8bln of the 50-week Sep 7, 2022 BTF.
  • On Tuesday, Austria will look to sell 2/10-motnh ATBs: E1bln of each of the 2-month Nov 25, 2021 ATB and the 10-month Jul 28, 2022 ATB.
  • Also Tuesday, the ESM will look to sell E1.5bln of the new 6-month Mar 17, 2022 bill.
  • The EU will conclude issuance for the week on Wednesday, tapping both its 3/6-month bills for up to E2bln each: the 3-month Dec 3, 2021 EU-bill and the 6-month Mar 4, 2022 EU-bill.