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Bill Supply for W/C Mar 14, 2022

EUROZONE ISSUANCE

Germany, France, the ESM, Portugal and the EU are all due to sell bills next week. We look for issuance at first round operations of E14.5bln, around half of the E29.1bln raised this week.

  • Germany will kick off issuance on Monday morning with E3bln of the 6-month Sep 21, 2022 bubill on offer.
  • France will on Monday afternoon look to sell up to E5.7bln BTFs: E2.5-2.9bln of the 12-week Jun 9, 2022 BTF, E1.3-1.7bln of the new 23-week Aug 24, 2022 BTF and E0.7-1.1bln of the 49-week Feb 22, 2023 BTF.
  • On Tuesday, the ESM will come to the market to sell E1.1bln of new 6-month Sep 22, 2022 bills.
  • Portugal will then come to the market to sell E1.50-1.75bln of the new 6-month Sep 23, 2022 BT and the new 12-month Mar 17, 2023 BT on Wednesday morning.
  • The EU will conclude issuance for the week on Wednesday with up to E2.0bln of the 3-month Jun 3, 2022 EU-bill and up to E1.0bln of the 6-month Sep 9, 2022 EU-bill available.

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