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W/C 5 December, 2022

EUROZONE T-BILL ISSUANCE

Spain, Greece, the EU and Italy are all still due to sell bills this week while Germany, the Netherlands, France, Belgium and the ESM have already come to the market. We estimate issuance at first round operations of E31.1bln this week, up from E13.9bln last week.

  • This morning, Spain will look to sell E3.5-4.5bln of 6/12-month letras: the 6-month Jun 9, 2023 letras and 12-month Dec 8, 2023 letras.
  • Greece will then look to sell E375mln of the new 52-week Dec 8, 2023 GTB.
  • Concluding today's issuance, the EU will look to sell up to E1.0bln of the 3-month Mar 3, 2023 EU-bill and up to E1.5bln of the new 6-month Jun 9, 2023 EU-bill.
  • Italy will conclude the week's issuance on Friday with E6.0bln of the new 12-month Dec 14, 2023 BOT on offer.

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