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Germany, France, Italy,....>

EUROZONE T-BILL ISSUANCE: Germany, France, Italy, Spain, the Netherlands,
Belgium, Finland and the ESM issued T-bills this week. Supply for the week has
concluded at E37.6bn compared to E30.4bn last week.
- RECAP: Germany were the first to issue on Monday with E1.93bln allotted in a
E4bn tap of 6-month Bubills. The Netherlands followed this up selling a combined
E4.99bln (the top of the target range) of 4.5-/9.5-/11.5-month DTCs. France
rounded off Monday's issuance with E9.37bln of 3-/6-/12-month BTFs issued,
towards the top end of the E7.9-9.5bn target. On Tuesday Spain sold sell 3- and
9-month letras for E2.485bln, the top of its E1.5-2.5bln target. Italy sold
12-month and flexible BOTs for a combined E10.5bn. Belgium also sold at the top
of its range with 3-month and 12-month TCs sold for E3.2bn. Finland re-opened
the Nov 10, 2020 and Feb 9, 2021 bills for a combined E1.55bn, while the ESM
concluded issuance for the week on Tuesday with E1.49bn of 12-month bills sold.
- CASH FLOWS: There will be E16.9bn in redemptions which will left net cash
flows at E20.7bln.
** For further details please see MNI Eurozone T-Bill Calendar.
MNI London Bureau | +44 0203-865-3808 |
MNI London Bureau | +44 0203-865-3808 |

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