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Bill Supply for W/C Mar 28, 2022 - Recap

MNI (London)

Germany, France, Italy and Greece came to the market this week, completing eurozone issuance on Wednesday. A total of E17.4bln was sold in first-round operations, up from last week's E14.5bln.

  • Germany kicked off issuance on Monday morning with a total E6.0bln of bubills: E3.0bln (E1.636bln allotted) of the 5-month Aug 24, 2022 bubill and E3.0bln (E547mln allotted) the 11-month Feb 22, 2023 bubill on offer. The auction was very weak.
  • Monday afternoon, France sold E5.793bln of BTFs (top of the target range): E2.896bln of the 12-week Jun 22, 2022 BTF, E1.199bln of the 21-week Aug 24, 2022 BTF, E400mln of the 35-week Nov 30, 2022 BTF and E1.298n of the new 51-week Mar 22, 2023 BTF.
  • On Tuesday, Italy came to the market and sold E5bln of the new 6-month Sep 30, 2022 BOT.
  • Greece concluded issuance for the week (and the quarter) on Wednesday, selling E625mln of the new 26-week Sep 30, 2022 GTB.

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