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W/C August 15, 2022 - Recap

EUROZONE T-BILL ISSUANCE
MNI (London)

Germany, the Netherlands, Spain, Finland, the ESM and France have sold bills this week. Issuance at first round operations totalled E15.5bln (down from the E19.4bln issued last week).

  • Germany kicked off issuance for the week on Monday, selling E3bln (E2.464bln allotted) of the 6-month Feb 22, 2023 bubill.
  • Also on 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.
  • On Tuesday, Spain sold a combined E1.703bln of letras (vs E1.5-2.5bln target range): E365mln of the 3-month Nov 11, 2022 letras and E1.338bln of the 9-month May 12, 2022 letras.
  • Also Tuesday, Finland sold close to the top of the E1.5bln target range: E751mln of the 6-month Feb 13, 2023 RFTB and E745mln of the new 9-month May 12, 2023 RFTB.
  • The ESM then sold E1.1bln (top of the range) of new 6-month Feb 23, 2023 bills.
  • France concluded Eurozone bill issuance for the week Tuesday afternoon, selling towards the top of the E5.8bln target range: E2.698bln of the 12-week Nov 9, 2023 BTF, E1.697bln of the 22-week Jan 11, 2023 BTF and E1.4bln of the new 51-week Jul 12, 2023 BTF.

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