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W/C 24 October, 2022


Germany, France, Greece and Italy all look to sell bills next week. We look for issuance of E17.7bln in first round operations, down from E20.0bln this week.

  • Germany will kick off issuance on Monday with E3bln of each of the 5-month Mar 22, 2023 bubill and the 11-month Sep 20, 2023 bubill on offer.
  • On Monday afternoon, France will look to sell up to E5.6bln of 12/23/49-week BTFs: E2.2-2.6bln of the 12-week Jan 18, 2023 BTF, E1.1-1.5bln of the new 23-week Apr 5, 2023 BTF and E1.1-1.5bln of the 49-week Oct 4, 2023 BTF.
  • On Wednesday Greece will look to sell E625mln of the new 26-week Apr 28, 2023 GTB.
  • Italy will conclude bill issuance for the week on Thursday with the new 6-month Apr 28, 2023 BOT on offer. The auction size will be announced on Monday. We pencil in an auction size of E5.5bln.

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