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Bill Supply for W/C May 16, 2022

EUROZONE T-BILL ISSUANCE
BulletMarketsFixed Income

Germany, the Netherlands, France, the ESM, Portugal, the EU and Ireland will all look to sell bills next week. We estimate issuance through first round operations of E17.4bln, down from E21.8bln this week.

  • Germany will come to the market on Monday morning to offer E3bln of the new 12-month May 17, 2023 bubill.
  • Monday morning will also see the Netherlands look to sell E1.0-1.5bln of each of the 3.5-month Aug 30, 2022 DTC and the 6-month Nov 23, 2022 DTC.
  • On Monday afternoon, France will look to sell up to E5.6bln of BTFs: E2.6-3.0bln of the new 13-week Aug 17, 2022 BTF, E1.0-1.4bln of the 22-week Oct 19, 2022 BTF and E0.8-1.2bln of the 48-week Apr 19, 2023 BTF.
  • On Tuesday, the ESM will look to sell up to E1.1bln of the new 6-month Nov 17, 2022 bill.
  • Portugal will come to the market to sell a combined E1.50-1.75bln of the new 6-month Nov 18, 2022 BT and the new 12-month May 19, 2023 BT.
  • The EU will then look to sell up to E1.0bln of the 3-month Aug 5, 2022 EU-bill and up to E1.5bln of the 6-month Nov 4, 2022 EU-bill.
  • Ireland will conclude bill issuance for the week on Thursday. Details will be announced on Monday but we would expect the 5-month Oct 24, 2022 IRTB to be reopened for E750mln.
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Germany, the Netherlands, France, the ESM, Portugal, the EU and Ireland will all look to sell bills next week. We estimate issuance through first round operations of E17.4bln, down from E21.8bln this week.

  • Germany will come to the market on Monday morning to offer E3bln of the new 12-month May 17, 2023 bubill.
  • Monday morning will also see the Netherlands look to sell E1.0-1.5bln of each of the 3.5-month Aug 30, 2022 DTC and the 6-month Nov 23, 2022 DTC.
  • On Monday afternoon, France will look to sell up to E5.6bln of BTFs: E2.6-3.0bln of the new 13-week Aug 17, 2022 BTF, E1.0-1.4bln of the 22-week Oct 19, 2022 BTF and E0.8-1.2bln of the 48-week Apr 19, 2023 BTF.
  • On Tuesday, the ESM will look to sell up to E1.1bln of the new 6-month Nov 17, 2022 bill.
  • Portugal will come to the market to sell a combined E1.50-1.75bln of the new 6-month Nov 18, 2022 BT and the new 12-month May 19, 2023 BT.
  • The EU will then look to sell up to E1.0bln of the 3-month Aug 5, 2022 EU-bill and up to E1.5bln of the 6-month Nov 4, 2022 EU-bill.
  • Ireland will conclude bill issuance for the week on Thursday. Details will be announced on Monday but we would expect the 5-month Oct 24, 2022 IRTB to be reopened for E750mln.