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EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Germany, France, Italy, Spain, the Netherlands,
Belgium, Greece and the ESM are due to issue T-bills this week. We now estimate
supply of E37bn 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. On Tuesday, Spain sold E1.01bn of 6-month
letras and E6.0bn of 12-month letras. On the same day, Belgium sold E1.0bn
3-month TCs and E1.1bn 6-month TCs while the ESM sold E2.0bn of 3-month bills.
Greece sold E812.5mn of 3-month bills on Wednesday.
- ISSUANCE: Italy will conclude issuance for the week on Friday with E7.5bn of
12-month BOTs maturing Jul 14 2021 and E2.5bn of Flexible BOTs maturing Dec 14.
- CASH FLOWS: There will be E38.3bn in redemptions which will leave net cash
flows at E-1.3bn for the week.
** For further details please see MNI Eurozone T-Bill Calendar.

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