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W/C August 15, 2022

EUROZONE T-BILL ISSUANCE
MNI (London)

Germany and the Netherlands issued bills for E5.4bln on Monday, leaving Spain, Finland, the ESM and France still to sell bills this week. MNI looks for issuance at first round operations of E15.3bln (down from the E19.4bln issued this week).

  • Germany kicked off issuance for the week yesterday, selling E3bln (E2.464bln allotted) of the 6-month Feb 22, 2023 bubill.
  • Also ton Monday, the Netherlands sold E2.44bln of DTCs (vs E2.0-3.0bln range): E1.28bln of the 3-month Nov 23, 2022 DTC and E1.16bln of the new 6.5-month Feb 27, 2023 DTC.
  • Spain will look to sell a combined E1.5-2.5bln of 3/9-month letras today: 3-month Nov 11, 2022 letras and 9-month May 12, 2022 letras.
  • Also today, Finland will look to sell up to E750mln of each of the 6-month Feb 13, 2023 RFTB and the new 9-month May 12, 2023 RFTB.
  • The ESM will then look to sell up to E1.1bln of new 6-month Feb 23, 2023 bills.
  • France will conclude Eurozone bill issuance for the week Tuesday afternoon with up to E5.8bln of 12/22/51-week BTFs on offer: E2.3-2.7bln of the 12-week Nov 9, 2023 BTF, E1.3-1.7bln of the 22-week Jan 11, 2023 BTF and E1.0-1.4bln of the new 51-week Jul 12, 2023 BTF.

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