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W/C 12 December, 2022

EUROZONE T-BILL ISSUANCE

Germany, the Netherlands, France, Spain and Belgium will all look to sell bills this week. We look for issuance at first round operations of E18.3bln, down from E30.4bln last week.

  • Germany will come to the market this morning to sell 5/11-month bubills: E2bln of the 5-month May 17, 2023 bubill and E2bln of the 11-month Nov 22, 2023 bubill.
  • The Netherlands will also look to sell 2.5/4.5/5.5-month DTCs this morning: E1-2bln of the 2.5-month Feb 27, 2023 DTC, E1-2bln of the 4.5-month Apr 27, 2023 DTC and E0-1bln of the 5.5-month May 30, 2023 DTC.
  • This afternoon, France will look to sell up to E5.8bln of 13/20/50-week BTFs: E3.1-3.5bln of the new 13-week Mar 15, 2023 BTF, E0.7-1.1bln of the 20-week May 4, 2023 BTF and E0.8-1.2bln of the 50-week Nov 29, 2023 BTF.
  • Tomorrow, Spain will look to sell 3/9-month letras with the amounts to be confirmed this afternoon. On offer will be 3-month Mar 10, 2023 letras and 9-month Sep 8, 2023 letras.
  • Later tomorrow morning, Belgium will look to sell E2.4-2.8bln of TCs: an indicative E1.4bln of the 3-month Mar 9, 2023 TC and an indicative E1.2bln of the 11-month Nov 9, 2023 TC.

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