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Bill Supply Update For W/C Sep 21

EUROZONE T-BILL ISSUANCE
Germany, France, Italy, the Netherlands and the ESM will issue T-bills in the W/C Sep 21. We estimate supply of E25.9bn compared to E21.6bn the previous week.
  • RECAP: Germany was the first to come to market on Monday with a sale of the Feb 3, 2021 bubill and Aug 25, 2021 bubill for a combined E6.33bn allotment. The Netherlands followed with a tap of 4-month and 9-month DTCs for E2.29bn. France concluded Monday's bill issuance with a sale of 3-/6-/12-month BTFs for a combined E5.885bn. On Tuesday the ESM sold E2bn of 6-month bills.
  • ISSUANCE: Italy is scheduled to auction BOTs on Friday with details TBA.
  • CASH FLOWS: E11.4bn in redemptions will leave net cash flows at E14.5bn for the week.
** For further details please MNI Eurozone T-Bill Calendar

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