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Bill Supply For W/C Sep 6, 2021: Upcoming

EUROZONE T-BILL ISSUANCE

Spain, Belgium, the ESM, Greece and Italy are all still due to issue T-bills this week. We estimate a further E17.0bln of bill issuance remains this week, which would leave the weekly total from first round operations at E31.8bln, up from E7.8bln last week.

  • Spain will come to the market this morning to sell E4.5-5.5bln combined of 6-month Mar 4, 2022 letras and new 12-month Sep 9, 2021 letras.
  • Belgium will look to sell E2.6-3.0bln TCs this morning: an indicative E800mln of the 4-month Jan 13, 2022 TC and E2.0bln of the new 6-month Sep 8, 2022 TC.
  • The ESM will also come to the market today with E1.5bln of new 3-month Dec 9, 2021 bills on offer.
  • Tomorrow, Greece will look to sell E625mln of the new 52-week Sep 9, 2022 GTB.
  • Italy will conclude Eurozone T-bill issuance on Thursday with E7bln of the new 12-month Sep 14, 2022 BOT on offer.

For more on future auctions see the MNI Eurozone/UK T-bill auction calendar.

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