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Supply for W/C Apr 18, 2022

EUROZONE T-BILL ISSUANCE

Spain, the Netherlands, tthe ESM, France, Portugal, the EU and Ireland are all due to sell bills next week. We estimate issuance of E14.7bln for the week, down from E23.0bln this week.

  • Spain will kick off issuance for the week on Monday morning with 3/9-month letras on offer (amount TBA). On offer will be 3-month Jul 8, 2022 letras and 9-month Jan 13, 2023 letras.
  • The Netherlands will then look to sell E2-3bln of 4.5/7-month DTCs: E1.0-1.5bln of each of the 4.5-month Aug 30, 2022 DTC and the new 7-month Nov 23, 2022 DTC.
  • The ESM will sell up to E1.1bln of new 6-month Oct 20, 2022 bills.
  • France will conclude Tuesday's issuance, with the BTFs on offer due to be announced tomorrow. We pencil in E5.4bln on offer.
  • Portugal will kick off Wednesday's issuance with E1.00-1.25bln combined of the 3-month Jul 22, 2022 BT and the 11-month Mar 17, 2023 BT on offer.
  • Also on Wednesday, the EU will look to sell up to E2bln of 3/6-month bills. On offer will be up to E1bln of each of the 3-month Jul 8, 2022 EU-bill and the 6-month Oct 7, 2022 EU-bill.
  • Ireland will conclude issuance for the week on Thursday. We expect a new 6-month bill to be sold for E750mln.
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