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W/C 21 November, 2022

EUROZONE T-BILL ISSUANCE

Austria, the EU and Italy all still look to issue bills this week while Germany, the Netherlands and France came to the market yesterday. We look for issuance of E25.6bln at first round operations, up from E14.1bln last week.

  • This morning, 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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