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Bill Supply for W/C Feb 21, 2022

EUROZONE T-BILL ISSUANCE
MNI (London)

Germany, the Netherlands, France, Austria and Greece have already sold bills this week for a combined total of E14.5bln. Italy is still due to sell bills this week for an estimated further E5.5bln. In total, we estimate E20.0bln of gross issuance for the week, up from E15.8bln last week.

  • Germany kicked off issuance for the week on Monday, selling E3.0bln (E2.845bln allotted) of new 12-month Feb 22, 2023 bubill.
  • The Netherlands also came to the market on Monday, 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.
  • On Tuesday, Austria came to the market, selling E1.0bln (E830mln allotted) of the 2-month Apr 28, 2022 ATB and a further E1.0bln (E710mln allotted) of the 5-month Jul 28, 2022 ATB.
  • Yesterday Greece sold E625mln of the new 26-week Aug 26, 2022 GTB.
  • Italy will conclude bill issuance for the week today, 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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