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Bill Supply for W/C Jan 31, 2022

EUROZONE T-BILL ISSUANCE

France, Belgium, the ESM and the EU are due to sell bills this week. We look for issuance from first round operations of E11.0bln, down from E20.2bln last week.

  • France kicked off issuance for the week on Monday, selling E5.386bln of BTFs, the top of the target range: E2.590bln of the 12-week Apr 27, 2022 BTF, E1.398bln of the 21-week Jun 29, 2022 BTF and E1.398bln of the new 51-week Jan 25, 2023 BTF.
  • Yesterday, Belgium sold E1.16bln of the 3-month May 12, 2022 TC.
  • Also yesterday, the ESM came to the market to sell E1.494bln of the new 3-month May 5, 2022 bill.
  • The EU will conclude bill issuance for the week this morning with E1.5bln of each of the 3-month May 6, 2022 EU-bill and the new 6-month Aug 5, 2022 EU-bill on offer.

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