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W/C 13 June, 2022

EUROZONE T-BILL ISSUANCE

Germany, France, Spain, Belgium, Portugal, the EU and Ireland will all look to sell bills next week. We look for issuance at first round operations of E16.9bln, down from E23.3bln this week.

  • Germany will kick off issuance on Monday morning with E3bln of the 6-month Dec 14, 2022 bubill on offer.
  • On Monday afternoon, France will look to sell up to E5.9bln of 13/22/48-week BTFs: E3.2-3.6bln of the new 13-week Sep 14, 2022 BTF, E1.0-1.4bln of the 22-week Nov 16, 2022 BTF and E0.5-0.9bln of the 48-week May 17, 2023 BTF.
  • Spain will kick off Tuesday's issuance with 3/9-month letras on offer: 3-month Sep 9, 2022 letras and 9-month Mar 10, 2023 letras. Issuance volumes will be announced on Monday.
  • Also Tuesday, Belgium will look to sell 3/11-month TCs for E2.0-2.4bln: an indicative E1.0bln of the Sep 8, 2022 TC and an indicative E1.2bln of the May 11, 2023 TC.
  • On Wednesday morning, Portugal will look to sell E500mln of the 3-month Sep 23, 2022 BT.
  • Also Wednesday, the EU will look to sell up to E1.0bln of the 3-month Sep 9, 2022 EU-bill and up to E1.5bln of the 6-month Dec 9, 2022 EU-bill.
  • Ireland will conclude issuance for the week on Thursday with details to be confirmed on Monday. We expect E750mln of a new bill maturing in December 2022 to be on offer.
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