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Bill Supply for W/C Feb 7, 2022

EUROZONE T-BILL ISSUANCE

Germany, the Netherlands, France, Belgium, Finland, the ESM, Spain and Italy are all due to sell bills this week. We estimate E30.5bln of issuance, up from E11.7bln last week.

  • Germany will kick off issuance for the week this morning with E3bln of each of the 3-month May 18, 2022 bubill and the 9-month Nov 23, 2022 bubill on offer.
  • The Netherlands will also come to the market this morning to offer E1.0-1.5bln of each of the Apr 28, 2022 DTC and the Jun 29, 2022 DTC.
  • This afternoon, France will look to sell up to E5.6bln of BTFs: E2.4-2.8bln of the new 13-week May 11, 2022 BTF, E1.1-1.5bln of the 20-week Jun 29, 2022 BTF and E0.9-1.3bln of the 50-week Jan 25, 2023 BTF.

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