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Bear Cycle Extension


(M2) Primary Downtrend Remains Intact


Corrective Bounce Extends


(M2) Corrective Cycle Still In Play

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Germany, the Netherlands and France all came to the market Monday to issue a total of E12.5bln. Spain, Belgium and the ESM issued a further E7.0bln on Tuesday.

  • Germany kicked off issuance for the week Monday morning allotting E1.451bln of the 5-month May 18, 2022 bubill and E3.509bln of the 11-month Nov 23, 2022 bubill. Issuance volumes were E2bln and E4bln respectively (from an originally planned even split of E3bln each).
  • Also Monday morning, the Netherlands will sold a combined E1.50bln of DTCs (less than the target of selling E1-2bln of each issue): E840mln of the Mar 30, 2022 DTC and E660mln of the new May 30, 2022 DTC.
  • Monday afternoon, France sold E4.987bln of 12/21/47/51-week BTFs (the upper end of the target range): E2.198bln of the 12-week Mar 2, 2022 BTF, E1.197bln of the 21-week May 4, 2022 BTF, E400mln of the 47-week Nov 2, 2022 BTF and E1.192bln of the new 51-week Nov 30, 2022 BTF.
  • Kicking off Tuesday morning's issuance, Spain sold a combined E4.539bln of letras against a target of E4-5bln: E763mln of 6-month Jun 10, 2022 letras and E3.776bln of new 12-month Dec 9, 2022 letras on offer.
  • Also Tuesday morning, Belgium sold E1.001bln of the Mar 10, 2022 TC, the upper end of the E0.6-1.0bln target range.
  • Concluding Tuesday's issuance, the ESM sold E1.5bln of the new 3-month Mar 3, 2022 bill.
MNI London Bureau | +44 203-865-3820 |
MNI London Bureau | +44 203-865-3820 |

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