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W/C Jan 23, 2022

EUROZONE T-BILL ISSUANCE

Germany, France, Austria, Greece and Italy all look to sell bills in the week ahead. We look for issuance at first round operations of E20.9bln broadly in line with this week's E20.8bln.

  • Germany will kick off bill issuance this morning with E2bln of the 3-month Apr 13, 2023 bubill and E3bln of the 9-month Oct 18, 2023 bubill on offer.
  • This afternoon, France will look to sell up to E6.3bln of 13/22/44-week BTFs: E2.6-3.0bln of the new 13-week Apr 26, 2023 BTF, E1.3-1.7bln of the 22-week Jun 28, 2023 BTF and E1.2-1.6bln of the 44-week Nov 29, 2023 BTF.
  • On Tuesday, Austria will look to sell E1bln of each of the 3-month Apr 27, 2023 ATB and the new 6-month Jul 27, 2023 ATB.
  • On Wednesday, Greece will look to sell E625mln of the new 26-week Jul 28, 2023 GTB.
  • Italy will conclude Eurozone bill issuance on Friday with the new 6-month TBA 24-Jan BOT on offer. The auction size will be confirmed on Tuesday and we pencil in E7.0bln.

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