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W/C 21 November, 2022

EUROZONE T-BILL ISSUANCE

Germany, the Netherlands, France, Austria, the EU and Italy all look to issue bills this week. We look for issuance of E24.8bln at first round operations, up from E14.1bln last week.

  • Germany will come to the market this morning with 2/12-month bubills on offer: E2bln of the 2-month Feb 22, 2023 bubill and E3bln of the new 12-month Nov 22, 2023 bubill.
  • Also this morning, the Netherlands will look to sell 2/3/6-month DTCs: E0-2bln of the 2-month Jan 30, 2023 DTC, E1-2bln of the 3-month Feb 27, 2023 DTC and E1-2bln of the new 6-month May 30, 2023 DTC.
  • This afternoon will see France look to sell up to E6.2bln of 12/23/50-week BTFs: E2.8-3.2bln of the 12-week Feb 15, 2023 BTF, E1.1-1.5bln of the new 23-week May 4, 2023 BTF and E1.1-1.5bln of the 50-week Nov 1, 2023 BTF.
  • Tomorrow, Austria will look to sell E2.5bln of 2/5-month ATBs: E1.25bln of the 2-month Jan 26, 2023 ATB and E1.25bln of the 5-month Apr 27, 2023 ATB.
  • On Wednesday, the EU will look to sell up to E1.0bln of the 3-month Feb 3, 2023 EU-bill and up to E1.5bln of the 6-month May 5, 2023 EU-bill.
  • On Friday, Italy will conclude bill issuance for the week with new 6-month May 31, 2023 BOTs on offer. The auction amount will be confirmed tomorrow, we pencil in E5.0-5.5bln.

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