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T-Bill Supply For W/C Oct 19

Germany, France, the Netherlands, Portugal and the ESM will issue bills in the W/C Oct 19. We estimate supply of E12.6bn (from E11.5bn initially) compared to E15.3bn the previous week.
  • RECAP: Germany was the first to come to market with a E2.93bn allotment of the Mar 3, 2021 and Sep 29, 2021 bubills on Monday. The Netherlands then tapped 6-month DTCs for E1.08bn. France concluded Monday's issuance with a sale of 3-/6-/12-month BTFs for E5.489bn.
  • ISSUANCE: The ESM will sell E2bn of 6-month bills on Tuesday. Portugal is scheduled to sell E1.00-1.25bn of 3- and 11-month BTs on Wednesday.
  • CASH FLOWS: E10.96bn in redemptions will leave net cash flows at E1.61bn for the week.
** For further details please see MNI Eurozone T-Bill Calendar

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