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EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Germany, France, Italy, Spain, the Netherlands,
Belgium and the ESM are due to issue T-bills this week. We estimate supply of
E33bn compared to E12.9bn last week.
- RECAP: Germany kicked off issuance for the week allotting E2.64bn of 6-month
bubills against a target of E4bn on Monday. The Netherlands then sold E1.66bn
3-month DTCs and E2.01bn 10-month DTCs against a target of E2-4bn. France
concluded Monday's issuance selling E4.0bn of 3-month BTFs, E2.5bn of 6-month
BTFs and E2.4bn of 12-month BTFs.
- ISSUANCE: Spain is scheduled to sell 6- and 12-month letras on Tuesday with a
target of E6.5-7.5bn. On the same day, Belgium will sell Nov 12, 2020 and Jan
14, 2021 TCs for E1.8-2.2bn. The ESM will then sell 3-month bills for E2bn.
Italy will conclude issuance for the week with a sale of BOTs with details TBA,
12-month BOTs are provisionally scheduled.
- CASH FLOWS: There will be E38.3bn in redemptions which will leave net cash
flows at E-5.3bn for the week.
** For further details please see MNI Eurozone T-Bill Calendar.

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