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W/C 31 October, 2022

EUROZONE T-BILL ISSUANCE

Germany, the Netherlands, France, Belgium, Greece and the ESM are due to sell bills this week. We look for an estimated E17.5bln to be raised in first round operations, down from E18.2bln last week.

  • Germany will kick off issuance for the week this morning, with E3bln of each of the 5-month Mar 22, 2023 bubill and the 11-month Sep 20, 2023 bubill on offer.
  • The Netherlands will also hold an auction this morning for E0.5-1.5bln of the 5-month Mar 30, 2023 DTC. This was an additional auction added last week to help with "liquidity issues in the DTC market."
  • This afternoon, France will look to sell up to E5.6bln of 13/22/48-week BTFs: E2.5-2.9bln of the new 13-week Feb 1, 2023 BTF, E0.9-1.3bln of the 22-week Apr 5, 2023 BTF and E1.0-1.4bln of the 48-week Oct 4, 2023 BTF.
  • Tomorrow, Belgium will look to sell E1.8-2.2bln of 4/6-month TCs: an indicative E1.0bln of each of the Mar 9, 2023 TC and the May 11, 2023 TC.
  • On Wednesday, Greece will look to sell E625mln of the new 13-week Feb 3, 2023 GTB.
  • The ESM will conclude Eurozone bill issuance for the week, also on Wednesday, with new 3-month bills on offer.

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