Free Trial

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.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.