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EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Germany, France, Spain, the Netherlands, Belgium,
Greece and the ESM will issue T-bills this week. We estimate supply of E30bln
(from an initial projection of E32bn) compared to E29.8bln last week.
- RECAP: Slovakia was the first to issue this week with a sale of Jan 2021 and
May 2021 bills on Monday for a combined E360mn. Germany then auctioned 6- and
9-month bubills, allotting a combined E5.58bn. The Netherlands sold E1.81bn of
the Oct 29, 2020 DTC. France then auctioned 3-/6-/12-month BTFs for a combined
E9.5bn.
- ISSUANCE: Spain will come to market on Tuesday to sell 6- and 12-month letras
for E6.5-7.5bn. Belgium will then auction Sep 10, 2020 and Nov 12, 2020 bills
for a combined E1.8-2.2bn. The ESM will auction 3-month bills for E2.5bn. Greece
concludes T-bill issuance for the week with a sale of 3-month bills for
E0.625bn.
- CASH FLOWS: There will be E11.5bln of redemptions which will leave net cash
flows at E18.5bln for the week.
** For further details please MNI Eurozone T-Bill Calendar

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