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Bill Supply for W/C Jan 3, 2022 (1/2)

EUROZONE T-BILL ISSUANCE

The EU is still due to issue this week. In addition to the issuance so far from Germany, the Netherlands, France, Greece, Belgium and the ESM we estimate We estimate issuance this week of E17.2bln (up from E15.9bln raised in first round operations in the first week of 2021).

  • Germany allotted E1.815bln of the 6-month Jul 20, 2022 bubill with issuance volumes of E3bln.
  • The Netherlands also came to the market Monday morning, selling a total of E1.56bln of 3.5/5.5-month DTCs, less than the intended total target of E2-3bln: E900mln of the Apr 28, 2022 DTC and E660mln of the new Jun 29, 2022 DTC.
  • Monday afternoon, France sold E5.487bln of BTFs, close to the E5.5bln upper target: E2.497bln of the 10-week Mar 16, 2022 BTF, E1.498bln of the new 21-week Jun 1, 2022 BTF and E1.492bln of the new 52-week Jan 4, 2023 BTF.

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