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W/C Jan 16, 2022


Germany, the Netherlands, France, Spain, the ESM, Portugal and the EU will all look to sell bills next week. We look for issuance of E21.2bln at first round operations in the coming week, down from E30.6bln this week.

  • Germany will look to sell E5bln of the new 12-month Jan 17, 2024 bubill on Monday morning.
  • Also Monday morning, the Netherlands will look to sell E1-2bln of each of the 3-month Apr 27, 2023 DTC and the 5-month Jun 29, 2023 DTC.
  • On Monday afternoon, France will look to sell up to E6.3bln of 12/21/23/45-week BTFs: E2.1-2.5bln of the 12-week Apr 13, 2023 BTF, E0-0.4bln of the 21-week Jun 14, 2023 BTF, E1.2-1.6bln of the new 23-week Jun 28, 2023 BTF and E1.4-1.8bln of the 45-week Nov 29, 2023 BTF.
  • On Tuesday, Spain will look to sell 3-month Apr 14, 2023 letras and 9-month Oct 6, 2023 letras with the auction amount to be confirmed on Monday.
  • Also Tuesday, the ESM will look to sell E1.1bln of new 6-month Jul 20, 2023 bills.
  • On Wednesday, Portugal will look to sell a combined E1.25-1.50bln of the 6-month Jul 21, 2023 BT and the new 12-month Jan 19, 2024 BT.
  • The EU will conclude bill issuance for the week with up to E1bln of each of the 3-month Apr 7, 2023 EU-bill and the 6-month Jul 7, 2023 EU-bill on offer.

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