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EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Germany, France, Italy, Spain, the Netherlands,
Belgium, Finland, Slovenia and the ESM will sell bills this week. We estimate
supply of E43.1bln compared to E17.1bln last week.
- ISSUANCE: Germany will be the first to auction bills this week with a sale of
6- and 11-month bubills for a combined E8bn on Monday. The Netherlands will then
sell a combination of 3-/9-/12-month DTCs for E3.5-6.5bn. France will follow
with a sale of 3-/6-/12-month BTFs for E7.1-8.7bn. Spain will come to market on
Tuesday to sell 6- and 12-month letras with target volumes yet to be announced.
Belgium will then sell the Sep 10, 2020 and May 13, 2021 TCs for E2.2-2.6bn.
Finland will sell 9- and 12-month bills for E1bn. Slovenia will sell a
combination of 3-/6-/18-month bills. The ESM will then sell 12-month bills with
target volumes yet to be announced. On Wednesday Italy will sell BOTs. Greece
will conclude issuance for the week with an auction of 12-month bills for E1bn.
- CASHFLOWS: There will be E29.5bln in redemptions which will leave net
cashflows at E13.6bln for the week.
** For further details please see MNI Eurozone T-Bill Calendar

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