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W/C 14 November, 2022

EUROZONE T-BILL ISSUANCE

Spain and the ESM are both still due to sell bills this week while Germany and France came to the market yesterday. We look for E14.1bln to be issued in first round operations, down from last week's E32.3bln.

  • This morning, Spain will look to sell E1.5-2.5bln combined of 3/9-month letras. On offer will be 3-month Feb 10, 2023 letras and 9-month Aug 11, 2023 letras.
  • Also today, the ESM will look to sell E1.1bln of new 6-month May 18, 2023 bills.
  • Portugal has cancelled its planned 6/12-month BT auction that had been scheduled for tomorrow.

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