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Bill Supply for W/C Apr 18, 2022

EUROZONE T-BILL ISSUANCE
MNI (London)

Spain, the Netherlands, the ESM and France have already issued bills this week for a combined E10.6bln. Portugal, the EU and Ireland remain due to sell bills this week for a further E4.0bln. We estimate issuance of E14.6bln for the week, down from E23.0bln last week.

  • Spain kicked off issuance for the week yesterday, selling E1.959bln (vs E1.5-2.5bln target range) of 3/9-month letras: E459mln of 3-month Jul 8, 2022 letras and E1.5bln of 9-month Jan 13, 2023 letras.
  • The Netherlands sold E2.140bln (vs E2-3bln range) of 4/7-month DTCs: E1.140bln of the 4-month Aug 30, 2022 DTC and E1.0bln of the new 7-month Nov 23, 2022 DTC.
  • The ESM sold E973mln(vs max E1.1bln) of the new 6-month Oct 20, 2022 bills.
  • France concluded Tuesday's issuance, selling E5.493bln (top of the target range) of BTFs: E3.297bln of the new 13-week Jul 20, 2022 BTF, E1.198bln of the 22-week Sep 21, 2022 BTF and E 998mln of the 48-week Mar 22, 2023 BTF.
  • Portugal will kick off this morning'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 tomorrow with E750mln of the new 6-month Oct 24, 2022 IRTB on offer.
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