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W/C Sept 5, 2022 (1/2)

EUROZONE T-BILL ISSUANCE
MNI (London)

Germany, the Netherlands, France, Spain, Belgium, the ESM, the EU and Italy are all scheduled to sell bills this week. MNI estimates eurozone T-bill issuance for the week to total E28.9bln at first round operations of E12.0bln, up from last week's 12.0bln.

  • Germany will kick off issuance for the week today, reopening E3bln of the 3-month Dec 14, 2022 bubill and E2bln of the 9-month Jun 21, 2023 bubill.
  • The Netherlands will then come to the market with up to E3.0bln of 5/7-month DTCs on offer: E1.0-1.5bln of the 5-month Jan 30, 2023 DTC and E1.0-1.5bln of the new 7-month Mar 30, 2023 DTC.
  • This afternoon France will look to sell up to E6.0bln of 13/22/40/48 week BTFs. On offer will be E2.6-3.0bln of the new 13-week 12 Jul, 2022 BTF, E0.9-1.3bln of the 22-week Feb 8, 2023 BTF, E0-0.4bln of the 40-week Jun 14, 2023 BTF and E0.9-1.3bln of the 48-week Aug 9, 2023 BTF.

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