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Bill Supply for W/C May 9, 2022

EUROZONE T-BILL ISSUANCE
MNI (London)

Germany and France have sold bills this week for E8.6bln. Spain, Belgium, Finland and Italy remain due to sell bills this week for an estimated further E13.6bln. We estimate E22.2bln will be sold at first round operations, down from E26.0bln last week.

  • Germany kicked off issuance for the week yesterday, with E3bln (E1.445bln allotted) of the 6-month Nov 23, 2022 bubill sold.
  • Yesterday afternoon, France sold E5.594bln (top of target range) of BTFs: E2.798bln of the 12-week Aug 3, 2022 BTF, E1.398bln of the new 23-week Oct 19, 2022 BTF, E498mln of the 45-week March 22, 2023 BTF and E900mln of the 49-week Apr 19, 2023 BTF.
  • Today, Spain will come to the market to reopen a combined E1.5-2.5bln of the 3-month Aug 12, 2022 letras and the 9-month Feb 10, 2023 letras.
  • 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 today'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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