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W/C 20 June, 2022

EUROZONE T-BILL ISSUANCE

Germany, the Netherlands, France and Austria and the ESM have sold bills this week yesterday for a combined E11.5bln. Total issuance at first round operations is estimated at E14.5bln, down from E16.5bln last week.

  • Germany kicked off issuance on Monday, selling E3bln (E2.251bln allotted) of the new 12-month Jun 21, 2023 bubill in a technically uncovered auction.
  • The Netherlands then sold E2.48bln of DTCs against a E2-3bln range: E1.47bln of the 3.5-month Sep 29, 2022 DTC and E1.01bln of the new 7.5-month Jan 30, 2023 DTC.
  • Monday afternoon, France sold E5.995bln of 12/21/39/51-week BTFs, the top of the target range: E3.099bln of the 12-week Sep 14, 2022 BTF, E1.298bln of the 21-week Nov 16, 2022 BTF, E0.499bln of the 39-week Mar 22, 2023 BTF and E1.099bln of the new 51-week Jun 14, 2023 BTF.
  • Yesterday, Austria sold E1bln (540mln allotted) of the 4-month Oct 20, 2022 ATB and E1bln (E838mln allotted) of the 7-month Jan 26, 2023 ATB.
  • Also yesterday, the ESM concluded the short week of eurozone bill issuance by selling E1.026bln of new 6-month Dec 22, 2022 bills (against a target of E1.1bln).

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