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Bill Supply for W/C Apr 4, 2022 - Recap

MNI (London)

Germany, the Netherlands, France, Spain, Belgium, the ESM, Greece and the EU have sold bills this week, with issuance for the eurozone completed on Wednesday. Total issuance from first-round auctions was E25.7bln for the week, up from E17.4bln last week.

  • Germany kicked off issuance for the week on Monday, selling E3bln (E2.770bln allotted) of the 3-month Jul 20, 2022 bubill and a further E3bln (E2.410bln allotted) of the 9-month Jan 18, 2023 bubill issued.
  • The Netherlands issued E2.64bln (vs E2.0-4.0bln target range) of 3/6/7-month DTCs on Monday: E1.11bln of the 3-month Jun 29, 2022 DTC, E350mln of the 6-month Sep 29, 2022 DTC and E1.18bln of the new 7-month Oct 28, 2022 DTC.
  • Also on Monday, France sold E5.314bln of 13/20/22/50-week BTFs against an upper target of E5.4bln: E2.994bln of the new 13-week Jul 6, 2022 BTF, E925mln of the 20-week Aug 24, 2022 BTF, E399mln of the 22-week Sep 7, 2022 BTF and E997mln of the 50-week Mar 22, 2023 BTF.
  • On Tuesday Spain sold E5.10bln (vs target range of E4.5-5.5bln) of 6/12-month letras: E938mln of the 6-month Oct 7, 2022 letras and E4.162bln of the new 12-month Apr 14, 2023 letras.
  • Belgium then sold E1.895bln (vs E1.6-2.0bln range) of the Jul 14, 2022 TC.
  • The ESM concluded Tuesday's issuance, selling E1.1bln of the new 3-month Jul 7, 2022 bill.
  • On Wednesday Greece sold E625mln of the new 3-month Jul 8, 2022 GTB.
  • The EU then concluded issuance for the week, selling towards the top of the target range of E3.0bln: E1.5bln of the 3-month Jul 8, 2022 EU-bill and E1.498bln of the new 6-month Oct 7, 2022 EU-bill.

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