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Eurozone T-Bill Issuance Estimated At E23.3bn For W/C Sep 14

EUROZONE T-BILL ISSUANCE
Germany, France, Spain, the Netherlands, Portugal, Ireland and the ESM will issue bills the W/C Sep 14. We estimate supply of E23.3bn compared to E19.6bn last week.
  • ISSUANCE: Germany still kick off issuance for the week with a sale of 6- and 12-month bubills for a combine E8bn on Monday. The Netherlands will follow with a E2-4bn offering of 5.5-month and 9.5 -month DSLs. France concludes Monday's issuance with a sale of 3-/6-/12-month BTFs for E4.1-5.3bn. Spain will sell 3- and 9-month letras on Tuesday with issue volumes TBA. On the same day the ESM offers E1.5bn of 12-month bills. Portugal comes to market on Wednesday to sell 6- and 12-month BTs for E1.50-1.75bn. Ireland concludes issuance for the week with a bill auction scheduled for Thursday.
  • CASH FLOWS: E20.3n in redemptions will leave net cash flows at E3bn for the week.
** For further details please MNI Eurozone T-Bill Calendar.

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