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W/C 12 December, 2022


Spain and Belgium are both due sell bills today while Germany, the Netherlands and France came to the market yesterday. We look for issuance at first round operations of E15.1bln, down from E30.4bln last week.

  • This morning, Spain will look to sell E0.5-1.5bln of 3/9-month letras. On offer will be 3-month Mar 10, 2023 letras and 9-month Sep 8, 2023 letras.
  • Later this 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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