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Italy is still due to sell bills this week (in addition to Germany, the Netherlands, France, Spain, Belgium, the ESM and Greece who have already come to the market this week). We look for E25.9bln of issuance at first round operations, up from E15.1bln last week.

  • 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.