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Bill Supply for W/C Jan 10, 2022

EUROZONE T-BILL ISSUANCE

Germany, France, Spain, Belgium, the ESM and Italy are all due to sell bills next week. We look for issuance from first round operations of E27.4bln, up from E17.3bln this week.

  • Germany will kick off issuance on Monday morning with E3bln of each of the 3-month Apr 21, 2022 bubill and the 9-month Oct 19, 2022 bubill on offer.
  • Monday afternoon will see France sell up to E5.9bln of BTFs: E2.2-2.6bln of the new 13-week Apr 13, 2022 BTF, E1.2-1.6bln of the 20-week Jun 1, 2022 BTF and E1.3-1.7bln of the 51-week Jan 4, 2023 BTF.
  • Spain will kick off Tuesday's issuance with 6-month Jul 8, 2022 letras and new 12-month Jan 13, 2023 letras on offer. Amounts will be confirmed on Monday.
  • Also Tuesday morning, Belgium will look to sell E2.8-3.2bln of TCs: an indicative E1bln of the 4-month May 12, 2022 TC and an indicative E2bln of the new 12-month Jan 12, 2023 TC.
  • The ESM will conclude Tuesday's issuance by selling E1.1bln of the new 12-month Jan 12, 2023 bill.
  • Italy will conclude Eurozone bill issuance for the week on Wednesday with the new 12-month BOT on offer. Details will be announced later today.

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