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Bill Supply for W/C May 16, 2022

EUROZONE T-BILL ISSUANCE

The ESM, Portugal, the EU and Ireland are all still due to sell bills this week for an estimated E6.1bln. Germany, the Netherlands and France issued yesterday for a combined E11.0bln. We estimate total issuance for the week through first round operations of E17.1bln, down from E21.8bln last week.

  • Germany came to the market yesterday morning to offer E3bln of the new 12-month May 17, 2023 bubill. E1.914bln was allotted in a technically uncovered auction.
  • Yesterday morning also saw the Netherlands sell E1.100bln of the 3.5-month Aug 30, 2022 DTC and E1.340bln of the 6-month Nov 23, 2022 DTC. This was against an issuance target of E1.0-1.5bln for each.
  • Yesterday afternoon, France sold up to E5.591bln of BTFs, close to the top of the target range: E2.994bln of the new 13-week Aug 17, 2022 BTF, E1.397bln of the 22-week Oct 19, 2022 BTF and E1.200bln of the 48-week Apr 19, 2023 BTF.
  • Today, 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 tomorrow 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 also look to sell bills tomorrow with 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 with the 5-month Oct 24, 2022 IRTB to be reopened for E750mln.
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