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Bill Supply for W/C Apr 11, 2022


Germany, Finland, France, Italy, Belgium and the ESM are all due to sell bills next week. We estimate issuance of EXbln through first round operations (versus E25.7bln this week).

  • Germany will kick off issuance on Monday morning with E3bln of each of the 6-month Oct 19, 2022 bubill and the new 12-month Apr 13, 2023 bubill on offer.
  • Finland will then look to sell E1bln each of the 7-month Nov 14, 2022 RFTB and the 10-month Feb 13, 2023 RFTB.
  • On Monday afternoon, France will look to sell up to E5.3bln of 12/23/49-week BTFs: E2.7-3.1bln of the 12-week Jul 6, 2022 BTF, E1.0-1.4bln of the new 23-week Sep 21, 2022 BTF and E400-800mln of the 49-week Mar 22, 2023 BTF.
  • Italy will kiock off Tuesday's issuance with E6.5bln of the new 12-month Apr 14, 2023 BOT on offer.
  • Belgium will then look to sell E2.2-2.6bln of TC. An indicative E1.2bln of each of the 3-month Jul 14, 2022 TC and the 11-month Mar 9, 2023 TC.
  • The ESM will conclude issuance on Tuesday for the week with up to E1.1bln of the new 12-month Apr 13, 2023 bill on offer.

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