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Bill Supply for W/C Apr 11, 2022

EUROZONE T-BILL ISSUANCE
MNI (London)

Germany, Finland and France have sold bills this week for E13.3bln. Italy, Belgium and the ESM are all due to sell bills for a further E10.1bln. We estimate issuance of E23.4bln through first-round operations, down a little on the E25.7bln last week.

  • Germany kicked off issuance yesterday with E3bln of each of the 6-month Oct 19, 2022 bubill and the new 12-month Apr 13, 2023 bubill. E2.719bln and E2.615bln were allotted respectively.
  • Finland then sold E995bln (top of the target range) of each of the 7-month Nov 14, 2022 RFTB and the 10-month Feb 13, 2023 RFTB.
  • France concluded Monday's issuance selling E5.287bln (top of the E5.3bln target range) of 12/23/49-week BTFs: E3.095bln of the 12-week Jul 6, 2022 BTF, E1.395bln of the new 23-week Sep 21, 2022 BTF and E797mln of the 49-week Mar 22, 2023 BTF.
  • Italy will kick off today'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 TCs: 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 then conclude issuance for the week later this morning with up to E1.1bln of the new 12-month Apr 13, 2023 bill on offer.

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