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W/C 13 June, 2022

EUROZONE T-BILL ISSUANCE

Portugal, the EU and Ireland are all still look to sell bills this week for a further estimated E3.75bln. Germany, France, Spain and Belgium have already sold bills this week for E12.75bln. We look for total issuance at first round operations of E16.5bln, down from E23.3bln last week.

  • Germany kicked off issuance for the week on Monday morning by selling E3bln (E1.767bln allotted) of the 6-month Dec 14, 2022 bubill.
  • Monday afternoon, France sold E5.9bln of 13/22/48-week BTFs, the top of the target range: E3.599bln of the new 13-week Sep 14, 2022 BTF, E1.399bln of the 22-week Nov 16, 2022 BTF and E0.899bln of the 48-week May 17, 2023 BTF.
  • On Tuesday morning, Spain sold E1.796bln of of 3/9-month letras against a E1.5-2.5bln target: E364mln 3-month Sep 9, 2022 letras and E1.431bln 9-month Mar 10, 2023 letras.
  • Also yesterday, Belgium sold 3/11-month TCs for E2.06bln against a target range of E2.0-2.4bln: E1.115bln of the Sep 8, 2022 TC and E0.945bln of the May 11, 2023 TC.
  • This morning, Portugal will look to sell E500mln of the 3-month Sep 23, 2022 BT.
  • Also today, 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 tomorrow with E750mln of the new Dec 19 2022 IRTB on offer.

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