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

EUROZONE T-BILL ISSUANCE

Germany, the Netherlands, France, Spain, Belgium and the ESM have already issued E24.4bln of T-bills through first round operations this week.

  • Germany kicked off issuance Monday morning, allotting E2.558bln of the 3-month Dec 15, 2021 bubill and E2.780bln of the 9-month Jun 22, 2022 bubill. Issuance volumes were E3bln for both issues.
  • The Netherlands sold E2.25bln of the new Feb 25, 2022 DTC against an issuance target of E1.5-2.5bln.
  • Monday afternoon, France sold E6.482bln of BTFs: E2.991bln of the new 13-week Dec 8, 2022 BTF, E1.692bln of the 22-week Feb 9, 2022 BTF and E1.799bln of the 48-week Aug 10, 2022 BTF.
  • Spain came to the market Tuesday morning to sell E5.195bln letras against a target of E4.5-5.5bln: E924mln 6-month Mar 4, 2022 letras and E4.271bln new 12-month Sep 9, 2021 letras.
  • Belgium then sold E2.950bln of TCs against a target of E2.6-3.0bln: E890mln of the 4-month Jan 13, 2022 TC and E2.060bln of the new 6-month Sep 8, 2022 TC.
  • The ESM completed Tuesday's issuance with E1.5bln of new 3-month Dec 9, 2021 bills on offer.

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