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Bill Supply for W/C Apr 4, 2022 (1/2)

EUROZONE T-BILL ISSUANCE

Germany, the Netherlands, France, Spain, Belgium, the ESM, Greece and the EU are all due to sell bills next week. We estimate a total in first round auctions at E27.0bln for the week, up from E17.4bln this week.

  • Germany will kick off issuance for the week on Monday morning with E3bln of each of the 3-month Jul 20, 2022 bubill and the 9-month Jan 18, 2023 bubill on offer.
  • The Netherlands will also look to issue E2.0-4.0bln of 3/6/7-month DTCs on Monday morning: E1.0-1.5bln of the 3-month Jun 29, 2022 DTC, E0-1.0bln of the 6-month Sep 29, 2022 DTC and E1.0-1.5bln of the new 7-month Oct 28, 2022 DTC.
  • On Monday afternoon, France will look to sell up to E5.4bln of 13/20/22/50-week BTFs: E2.6-3.0bln of the new 13-week Jul 6, 2022 BTF, E0.6-1.0bln of the 20-week Aug 24, 2022 BTF, E0-0.4bln of the 22-week Sep 7, 2022 BTF and E0.6-1.0bln of the 50-week Mar 22, 2023 BTF.

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