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Bill Supply for W/C Apr 11, 2022

EUROZONE T-BILL ISSUANCE

Germany, Finland, France, Italy, Belgium and the ESM are all due to sell bills this week. We estimate issuance of E23.4bln through first round operations, down a little on the E25.7bln last week.

  • Germany will kick off issuance this 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.
  • This 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 kick off tomorrow'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 tomorrow for the week with up to E1.1bln of the new 12-month Apr 13, 2023 bill on offer.

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