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

EUROZONE T-BILL ISSUANCE

Greece and Italy are both still due to issue T-bills this week. We estimate the weekly total from first round bill operations at E31.8bln, up from E7.8bln last week.

  • This morning, Greece will look to sell E625mln of the new 52-week Sep 9, 2022 GTB.
  • Italy will conclude Eurozone T-bill issuance tomorrow with E7bln of the new 12-month Sep 14, 2022 BOT on offer.
  • Note that the EU announced its bill issuance plans yesterday. It will hold its inaugural bill auctions next week (15 Sep). Going forward it will look to launch new issues of 3/6-month bills on the first Wednesday of each month and to tap these issues on the third Wednesday of the month. New bill issues will have a E2-3bln size and taps a E1.5-2bln size.

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

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