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W/C August 22, 2022

EUROZONE T-BILL ISSUANCE

Austria, Greece and Italy will all still look to sell bills this week while Germany and France sold bills yesterday. MNI estimates issuance at first round operations of E16.4bln, a little above last week's E15.5bln.

  • Germany kicked off issuance for the week yesterday selling E3bln (E1.986bln allotted) of the new 12-month Aug 23, 2023 bubill.
  • Monday afternoon, France sold up to E5.796bln of 13/20/50-week BTFs: E2.798bln of the new 13-week Nov 23, 2022 BTF, E1.400bln of the 20-week Jan 11, 2023 BTF and E1.598bln of the 50-week Jul 12, 2023 BTF.
  • This morning, Austria will look to sell E1bln of each of the 2-month Oct 20, 2022 ATB and the 8-month Apr 27, 2023 ATB.
  • On Wednesday, Greece will look to sell E625mln of the new 26-week Feb 24, 2023 GTB.
  • Italy will conclude bill issuance for the week on Friday with the new 6-month Feb 28, 2023 BOT on offer. The auction size will be announced later today, we expect E5.0-5.5bln.

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