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Bill Supply for W/C Feb 14, 2022 (1/2)

EUROZONE T-BILL ISSUANCE
MNI (London)

Spain, the ESM, Portugal, the EU and Ireland are all still due to sell bills this week for an estimated E7.1bln. Germany and France have already sold bills this week, raising E8.9bln in first round operations. In total, we estimate E16.0bln of issuance for this week, up from E31.5bln last week.

  • Germany kicked off issuance for the week on Monday, selling E3bln (E2.886bln allotted) of the 6-month Aug 24, 2022 bubill on offer.
  • Also on Monday, France sold E5.887bln of BTFs: E2.997bln of the May 11, 2022 BTF, E1.693bln of the new 23-week Jul 27, 2022 BTF and E1.197bln of the 49-week Jan 25, 2023 BTF.
  • Spain will come to the market this morning to sell E1.5-2.5bln of 3/9-month letras. On offer will be 3-month May 6, 2022 letras alongside 9-month Nov 11, 2022 letras.
  • Later this morning the ESM will come to the market to sell E1.1bln of the new 6-month Aug 18, 2022 bill.

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