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T-Bill Supply For W/C Oct 12

EUROZONE T-BILL ISSUANCE
Germany, France, Spain, Belgium, Finland and the ESM will issue bills for the W/C Oct 12. We estimate supply of E15.6bn compared to E20.5bn last week.
  • RECAP: On Monday Germany auctioned the Jan 20, 2021 and Jul 28, 2021 bubills, allotting E2.86bn. France then sold E5.288bn of 3-/6-/12-month BTFs.
  • ISSUANCE: Spain will come to market on Tuesday to sell 3- and 9-month letras for E0.5-1.5bn. Belgium will follow with an auction of short and long TCs for E1.6-2.0bn. Finland will then sell May 11, 2021 and Aug 10, 2021 bills for a combined E2.0bn. The ESM will also offer E1.5bn of 12m bills. Ireland will round off the week with a sale of April 19, 2021 bills for E0.75bn.
  • CASH FLOWS: E19.6bn of redemptions will leave net cash flows at E-4.0bn for the week.
** For further details please see MNI Eurozone T-Bill Calendar

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