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T-Bill Issuance For W/C Oct 19

EUROZONE T-BILL ISSUANCE
Germany, France, the Netherlands and the ESM will issue bills in the W/C Oct 19. We estimate supply of E11.5bn compared to E15.3bn the previous week.
  • ISSUANCE: Germany will be the first to come to market with a sale of the Mar 3, 2021 and Sep 29, 2021 bubills on Monday for a combined E3.0bn. The Netherlands will then tap 6-month DTCs for E0.5-1.5bn. France will conclude Monday's issuance with a sale of 3-/6-/12-month BTFs for E4.3-5.5bn. The ESM will then sell E2bn of 6-month bills on Tuesday.
  • CASH FLOWS: E10.96bn in redemptions will leave net cash flows at E0.54bn for the week.
** For further details please see MNI Eurozone T-Bill Calendar

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