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Bill Supply for W/C Feb 28, 2022 - Upcoming

EUROZONE T-BILL ISSUANCE
MNI (London)

Germany, France, Spain, Belgium, the ESM and the EU are due to sell bills next week. In total, we estimate E25.8bln of issuance for next week, up from E20.0bln this week.

  • Germany will kick off issuance for the week on Monday morning with E3.0bln of each of the 5-month Jul 20, 2022 bubill and 11-month Jan 18, 2023 bubill on offer.
  • Monday afternoon, France will look to sell up to E5.8bln of BTFs: E2.4-2.8bln of the 12-week May 25, 2022 BTF, E1.2-1.6bln of the 21-week Jul 27, 2022 BTF and E1.0-1.4bln of the new 51-week Feb 22, 2023 BTF.
  • Spain will come to the market on Tuesday with 6/12-month letras on offer with the amount to be confirmed on Monday. On offer will be 6-month Sep 9, 2022 letras and the new 12-month Mar 10, 2023 letras.
  • Belgium will then look to sell E2.0-2.4bln of TCs: an indicative E1.2bln of the short Jul 14, 2022 TC and an indicative E1.0bln of the medium Sep 8, 2022 TC.
  • Also Tuesday, the ESM will come to the market to sell E1.1bln of the new 3-month June 9, 2022 bill.
  • On Wednesday the EU will complete Eurozone issuance for the week, 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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