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W/C 20 June, 2022

EUROZONE T-BILL ISSUANCE

Germany, the Netherlands, France, Austria and the ESM are due to sell bills this week. Total issuance at first round operations is estimated at E14.5bln, down from E16.5bln last week.

  • Germany will kick off issuance for the week this morning with E3bln of the new 12-month Jun 21, 2023 bubill on offer.
  • The Netherlands will then look to sell E1.0-1.5bln of each of the 3.5-month Sep 29, 2022 DTC and the new 7.5-month Jan 30, 2023 DTC.
  • This afternoon, France will come to the market with up to E6.0bln of BTFs on offer: E2.7-3.1bln of the 12-week Sep 14, 2022 BTF, E0.9-1.3bln of the 21-week Nov 16, 2022 BTF, E0.1-0.5bln of the 39-week Mar 22, 2023 BTF and E0.7-1.1bln of the new 51-week Jun 14, 2023 BTF.
  • Tomorrow morning, Austria will look to sell E1bln of each of the 4-month Oct 20, 2022 ATB and the 7-month Jan 26, 2023 ATB.
  • The ESM will then conclude the short week of eurozone issuance also tomorrow, with E1.1bln of new 6-month Dec 22, 2022 bills on offer.

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