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Bill Supply for W/C Feb 28, 2022

EUROZONE T-BILL ISSUANCE
MNI (London)

Germany, France, Spain, Belgium, the ESM and the EU are due to sell bills this week. In total, we estimate E25.4bln of issuance for this week, up from E20.0bln last week.

  • Germany kicked off issuance for the week on Monday, selling E3.0bln (E2.673bln allotted) of the 5-month Jul 20, 2022 bubill and E3.0bln (E2.690bln allotted) of the 11-month Jan 18, 2023 bubill.
  • France sold E5.722bln of BTFs (against an upper E5.8bln target): E2.796bln of the 12-week May 25, 2022 BTF, E1.528bln of the 21-week Jul 27, 2022 BTF and E1.398bln of the new 51-week Feb 22, 2023 BTF.
  • Spain came to the market yesterday, selling a total of E5.259bln letras against a E4.5-5.5bln target range: E898mln of 6-month Sep 9, 2022 letras and E4.351bln of the new 12-month Mar 10, 2023 letras.
  • Belgium will then sold E2.4bln of TCs yesterday (top of the target range): E1.45bln of the short Jul 14, 2022 TC and E950mln of the medium Sep 8, 2022 TC.
  • Also on Tuesday, the ESM came to the market, selling E1.072bln (vs E1.1bln on offer) of the new 3-month June 9, 2022 bill.
  • The EU will complete Eurozone issuance for the week today, coming to the market to sell E3.0bln of the 3-month Jun 3, 2022 EU-bill and E2.0bln of the new 6-month Sep 9, 2022 EU-bill.

For more on future auctions see the MNI Eurozone/UK T-bill auction calendar.

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