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EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Germany, France, Spain, the Netherlands, Portugal and
the ESM will issue T-Bills this week. We estimate supply at E12.6bln for the
week compared to E20.8bln last week.
- ISSUANCE: Germany will be the first to issue this week with a sale of Jul 8,
2020 bubills for E1.5bln on Monday. The Netherlands will sell up to E2bln of
6-month DTCs on the same day. Also on Monday France will sell a combination of
3-/6-/12-month BTFs for E3.2-4.4bln. Spain will then auction 3-month and 9-month
letras on Tuesday with specific details yet to be announced. The ESM will sell
6-month bills for E1.5bln on the same day. On Wednesday Portugal will sell the
May 22, 2020 BT and Jan 15, 2021 BT for a combined E1.0-1.25bln. Finally,
Ireland is scheduled to issue T-bills on Thursday with details yet to be
announced.
- CASH FLOWS: There will be E5.4bln on redemptions which will leave net cash
flows at E12.6bln for the week.
** For further details please see MNI Eurozone T-Bill Calendar

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