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Bill Supply for W/C Mar 21, 2022

EUROZONE ISSUANCE
MNI (London)

Germany, the Netherlands and France and Austria have sold bills this week for E13.8bln. Ireland is still due to sell bills this week for a further E750mln. 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.
  • Yesterday, Austria reopened 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 tomorrow, concluding Eurozone issuance for the week. E750mln of the 5-month Aug 22, 2022 IRTB will be on offer.

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