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Central Bank Review: November 2022

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/ ESM BILL PREVIEW: The....>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: / ESM BILL PREVIEW: The European Stability Mechanism
(ESM) issue a new 3-month Mar 8, 2018 Bill for up to E1.5bln on Tuesday. 
- RV: The grey market for the new 3-month Feb 8, 2018 Bill is indicating a
mid-yield of around -0.640%, which is in the region of a 6.5bp pick up versus
the Feb 8, 2018 Bill and is -29.95bps vs Eonia, according to Tradeweb. There
will be a ESM Bill redemption of E1.498bln this week, leaving net cash flow
positive to the tune of E2mln which is seen underpinning demand.
- HISTORY: For comparison at the last 3-month Bill issued on Nov 7, the ESM sold
E1.4967bln at an average yield -0.6731% and cover of 4.8 times. Prior to that,
on Oct 3 auction, the ESM sold E1.4966bln at an average yield of -0.6304% and
bid-to-cover of 4.6 times. 
- TIMING: The auction will close at 1130GMT, with results announced by Germany's
Bundesbank shortly afterwards.

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