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Bill Supply for W/C May 9, 2022

EUROZONE T-BILL ISSUANCE
MNI (London)

Germany, France, Spain, Belgium and Finland have sold bills this week for E15.3bln. Italy remain due to sell bills this week for an estimated further E6.5bln. We estimate E21.8bln will be sold at first round operations, down from E26.0bln last week.

  • Germany kicked off issuance for the week on Monday, with E3bln (E1.445bln allotted) of the 6-month Nov 23, 2022 bubill sold.
  • Monday 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.
  • Yesterday, Spain reopened a combined E1.876bln (vs E1.5-2.5bln range) of 3/9-month letras: E406mln of the 3-month Aug 12, 2022 letras and E1.470bln of the 9-month Feb 10, 2023 letras.
  • Then Belgium sold E3.206bln (top of the E2.8-3.2bln target range) of TCs: E1.44bln of the Short Sep 8, 2022 TC and E1.766bln of the new Long May 11, 2023 TC.
  • Finland concluded yesterday's issuance, selling E1.585bln of RFTBs (vs up to E1bln on offer of each): E950mln of the 6-month Nov 14, 2022 RFTB and E635mln of the 9-month Feb 13, 2023 RFTB.
  • Italy will conclude Eurozone bill issuance for the week today. 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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