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Eurozone T-Bill Issuance Is Estimated At E33.4bn This Week

EUROZONE T-BILL ISSUANCE

Germany, France, Italy, Spain, the Netherlands, Belgium, Finland, Greece and the ESM will issue bills this week. We estimate supply of E33.4bn.
- ISSUANCE: Germany will be the first to come to market with a sale of Mar 3, 2021 bubills for E4bn on Monday. The Netherlands will then sell 3- and 9-month DTCs for a combined E2-4bn. France concludes Monday's issuance with an auction of 3-/6-/12-month BTFs for E4.6-6.7bn. Spain will sell 6- and 12-month letras on Tuesday with issue volumes TBA. On the same day Belgium sells the Jan 14, 2021 and Sep 9, 2021 TCs for E2.4-2.8bn. Finland will sell 9- and 12-month bills for E0.75bn each. The ESM will conclude Tuesday's issuance with an auction of 3-month bills for E2bn. Italy comes to market on Wednesday to sell E7bn of 12-month BOTs. Greece will also sell 12-month bills for E0.625bn.
- CASH FLOWS: E33.1n in redemptions will leave net cash flows at E0.3bn for the week.
** For Further details please see MNI Eurozone T-Bill Calendar

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