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W/C August 1, 2022

EUROZONE T-BILL ISSUANCE

Germany, the Netherlands, France, Belgium, the ESM, Greece and the EU will all look to issue bills this week. We estimate issuance at first round operations to be E20.1bln (a little lower than the E20.9bln issued last week).

  • Germany will kick off issuance this morning with E3bln of each of the the 3-month Nov 23, 2022 bubill and the 9-month May 17, 2023 bubill on offer.
  • The Netherlands will also come to the market this morning to sell E1.0-1.5bln of each of the 3-month Oct 28, 2022 DTC and the 6-month Jan 30, 2023 DTC.
  • This afternoon, France will look to sell up to E6.0bln of 12/23/49-week BTFs: E2.6-3.0bln of the 12-week Oct 26, 2022 BTF, E1.3-1.7bln of the new 23-week Jan 11, 2023 BTF and E0.9-1.3bln of the 49-week Jul 12, 2023 BTF.
  • Tomorrow, Belgium will come to the market to sell E0.8-1.2bln of the 3-month Nov 10, 2022 TC.
  • Also tomorrow, the ESM will look to sell up to E1.1bln of new 3-month Nov 4, 2022.
  • On Wednesday, Greece will come to the market to sell E625mln of the new 13-week Nov 4, 2022 GTB.
  • The EU will conclude issuance on the Friday with up to E1.5bln of each of the 3-month Nov 4, 2022 EU-bill and the new 6-month Feb 3, 2023 EU-bill on offer.

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