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Bill Supply for W/C Mar 21, 2022 - Upcoming

MNI (London)

Germany, the Netherlands, France, Austria and Ireland are all due to sell bills in the upcoming week. We look for gross issuance at first-round operations of E13.8bln, just below the E14.5bln raised this week.

  • Germany will kick off issuance Monday with E3.0bln of the new 12-month Mar 22, 2023 bubills on offer.
  • The Netherlands will also come to the market Monday morning to sell E2.0-3.5bln of DTCs. On offer will be E1.0-1.5bln of the Short May 30, 2022 DTC, E1.0-1.5bln of the Long Jul 28, 2022 DTC and E0-0.5bln of the Long Aug 30, 2022 DTC.
  • France will come to the market on Monday afternoon, with a total of E4.2-5.8bln of BTFs on offer: E2.6-3.0bln of the new 13-week Jun 22, 2022 BTF, E0-0.4bln of the 20-week Aug 10, 2022 BTF, E0.6-1.0bln of the 22-week Aug 24, 2022 BTF and E1.0-1.4bln of the 48-week Feb 22, 2023 BTF.
  • On Tuesday, Austria will reopen E1.0bln of each of the 4-month Jul 28, 2022 ATB and the 7-month Oct 20, 2022 ATB.
  • Ireland is due to sell bills on Thursday, concluding Eurozone issuance for the week. Details will be announced on Monday. We expect a reopening of the 5-month Aug 22, 2022 IRTB for E750mln.

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