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W/C May 9, 2022 - Upcoming

EUROZONE T-BILL ISSUANCE
MNI (London)

Germany, France, Spain, Belgium, Finland and Italy are due to sell bills this week. We estimate E22.3bln will be sold at first round operations, down from E26.0bln last week.

  • Germany will kick off issuance for the week this morning, with E3bln of the 6-month Nov 23, 2022 bubill on offer.
  • This afternoon, France will sell up to E5.6bln of BTFs: E2.4-2.8bln of the 12-week Aug 3, 2022 BTF, E1.0-1.4bln of the new 23-week Oct 19, 2022 BTF, E0.1-0.5bln of the 45-week March 22, 2023 BTF and E0.5-0.9bln of the 49-week Apr 19, 2023 BTF.
  • Tomorrow, Spain will come to the market to reopen the 3-month Aug 12, 2022 letras and the 9-month Feb 10, 2023 letras. Auction sizes will be announced on Monday.
  • Then Belgium will look to sell E2.8-3.2bln of TCs: an indicative E1.0bln of the Short Sep 8, 2022 TC and an indicative E2.0bln of the new Long May 11, 2023 TC.
  • Finland will conclude tomorrow's issuance. On offer will be up to E1bln of each of the 6-month Nov 14, 2022 RFTB and 9-month Feb 13, 2023 RFTB.
  • Italy will conclude Eurozone bill issuance for the week on Wednesday. The new 12-month 12 May, 2023 BOT will be on offer for E6.5bln.

For more on future auctions see the MNI Eurozone/UK T-bill auction calendar.

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