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Bill Supply for W/C Mar 21, 2022

MNI (London)

Germany, the Netherlands and France have sold bills this week for E11.8bln. Austria and Ireland are still due to sell bills this week for a further E2.8bln. We look for gross issuance at first-round operations of E14.5bln, on par with the E14.5bln raised last week.

  • Germany kicked off issuance on Monday selling E3.0bln of the new 12-month Mar 22, 2023 bubills.
  • The Netherlands also came to the market yesterday morning and sold a total of E2.96bln of DTCs (versus a target range of E2.0-3.5bln). On offer will be E1.310bln of the Short May 30, 2022 DTC, E1.240bln of the Long Jul 28, 2022 DTC and E410mln of the Long Aug 30, 2022 DTC.
  • France came to the Market Monday afternoon, selling a total of E5.791bln of BTFs (top of the target range). E2.997bln of the new 13-week Jun 22, 2022 BTF, E399mln of the 20-week Aug 10, 2022 BTF, E 999mln of the 22-week Aug 24, 2022 BTF and E1.396bln of the 48-week Feb 22, 2023 BTF were sold.
  • Today, 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. E750mln of the 5-month Aug 22, 2022 IRTB will be on offer.

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