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Bill Supply for W/C Feb 21, 2022

EUROZONE T-BILL ISSUANCE
MNI (London)

Germany, the Netherlands and France have already sold bills this week for a combined total of E11.9bln. Austria, Greece and Italy are still due to sell bills this week for an estimated further E8.1bln. In total, we estimate E20.0bln of issuance for the week, up from E15.8bln last week.

  • Germany kicked off issuance for the week yesterday, selling E3.0bln (E2.845bln allotted) of new 12-month Feb 22, 2023 bubill.
  • The Netherlands also came to the market yesterday, selling E2.98bln of DTCs in total (versus a E2.0-3.0bln target range): E1.47bln of the short May 30, 2022 DTC and E1.51bln of the new long Aug 30, 2022 DTC.
  • Also on Monday, France sold E5.889bln of BTFs (top of the E4.7-5.9bln target range): E2.698bln of the new 13-week May 25, 2022 BTF, E1.696bln of the 22-week Jul 27, 2022 BTF and E1.495bln of the 48-week Jan 25, 2023 BTF.
  • This morning, Austria will come to the market to sell E1.0bln of the 2-month Apr 28, 2022 ATB and a further E1.0bln of the 5-month Jul 28, 2022 ATB.
  • Tomorrow Greece will look to sell E625mln of the new 26-week Aug 26, 2022 GTB.
  • Italy will conclude bill issuance for the week on Thursday, looking to sell E5.5bln of the new 6-month Aug 31, 2022 BOT on offer.
For more on future auctions see the MNI Eurozone/UK T-bill auction calendar.

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