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W/C August 8, 2022

EUROZONE T-BILL ISSUANCE
France, Spain, Belgium and Italy have all sold bills this week. Issuance at first round operations was E19.4bln (a little lower than E20.1bln last week).
  • France kicked off issuance for the week Monday, selling E5.764bln of BTFs: E2.696bln of the new 13-week Nov 9, 2023 BTF, E1.671bln of the 22-week Jan 11, 2023 BTF and E1.397bln of the 48-week Jul 12, 2023 BTF.
  • Tuesday, Spain came to the market to sell a combined E4.81bln of 6/12-month letras against a E4.5-5.5bln target: E815mln 6-month Feb 2, 2022 and E4.00bln new 12-month Aug 8, 2022 letras.
  • Belgium then sold E1.805bln 3/11-month TCs, the middle of the target range: E800mln of the Nov 10, 2022 TC and E1.005bln of the Jul 13, 2022 TC.
  • Italy came to the market yesterday, completing Eurozone bill issuance for the week, selling the new 12-month Aug 14, 2023 BOT for E7bln.

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