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W/C Jan 16, 2022

EUROZONE T-BILL ISSUANCE

Portugal and the EU will both look to sell bills today while Germany, the Netherlands, France, Spain and the ESM have already come to the market this week. We look for issuance of E21.1bln at first round operations this week, down from E30.6bln last week.

  • This morning, 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 also today 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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