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

EUROZONE T-BILL ISSUANCE

Spain, Belgium, the ESM, the EU and Italy are all scheduled to sell bills this week while Germany, the Netherlands and France have already come to the market. 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 kicked off issuance for the week yesterday, selling E3bln (E2.956bln allotted) of the 3-month Dec 14, 2022 bubill and E2bln (E1.842bln allotted) of the 9-month Jun 21, 2023 bubill.
  • The Netherlands then came to the market to sell E2.138bln of 5/7-month DTCs: E1.118bln of the 5-month Jan 30, 2023 DTC and E1.020bln of the new 7-month Mar 30, 2023 DTC.
  • Monday afternoon France sold E5.855bln of 13/22/40/48 week BTFs against a E4.4-6.0bln target: E3.000bln of the new 13-week 12 Jul, 2022 BTF, E1.176bln of the 22-week Feb 8, 2023 BTF, E380mln of the 40-week Jun 14, 2023 BTF and E1.299bln of the 48-week Aug 9, 2023 BTF.

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