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W/C August 1, 2022


Germany, the Netherlands, France, Belgium the ESM, Greece and the EU have already sold bills this week. Issuance at first round operations was E20.1bln (a little lower than the E20.9bln issued last week).

  • Germany kicked off issuance Monday morning, selling with E3bln of each of the the 3-month Nov 23, 2022 bubill (E2.740bln allotted) and the 9-month May 17, 2023 bubill (E1.521bln allotted).
  • The Netherlands also came to the market Monday morning to a combined E2.62bln of 3/6-month DTCs: E1.52bln of the 3-month Oct 28, 2022 DTC and E1.10bln of the 6-month Jan 30, 2023 DTC.
  • Monday afternoon, France sold E5.964bln of 12/23/49-week BTs, close to the top of the target range: E2.999bln of the 12-week Oct 26, 2022 BTF, E1.666bln of the new 23-week Jan 11, 2023 BTF and E1.299bln of the 49-week Jul 12, 2023 BTF.
  • On Tuesday, Belgium came to the market to sell E805mln of the 3-month Nov 10, 2022 TC, the bottom end of the E0.8-1.2bln target range.
  • Also Tuesday, the ESM sold E1.099bln of new 3-month Nov 4, 2022.
  • Yesterday, Greece came to the market to sell E625mln of the new 13-week Nov 4, 2022 GTB.
  • Also yesterday, the EU concluded issuance for the week selling E1.500bln of the 3-month Nov 4, 2022 EU-bill and E1.499bln of the new 6-month Feb 3, 2023 EU-bill.

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