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W/C Jan 30, 2022

EUROZONE T-BILL ISSUANCE

Germany, France, Belgium, Greece and the EU will all look to issue bills next week. We look for issuance of E15.8bln at first round operations, down from E18.9bln this week.

  • Germany will kick off issuance for the week on Monday morning with E2bln of the 5-month Jun 21, 2023 bubill and E3bln of the new 11-month Dec 13, 2023 bubill on offer.
  • On Monday afternoon, France will look to sell up to E6.4bln of 12/21/51-week BTFs: E2.5-2.9bln of the 12-week Apr 26, 2023 BTF, E1.1-1.5bln of the 21-week Jun 28, 2023 BTF and E1.6-2.0bln of the new 51-week Jan 24, 2024 BTF.
  • On Tuesday, Belgium will look to sell an indicative E1.2bln of the 1.5-month Mar 9, 2023 TC (range E1.0-1.4bln).
  • On Wednesday, Greece will look to sell E625mln of the new 13-week May 5, 2023 GTB.
  • The EU will conclude issuance on Wednesday with E1.0bln of the 3-month May 5, 2023 EU-bill and E1.5bln of the new 6-month Aug 4, 2023 EU-bill on offer.
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Germany, France, Belgium, Greece and the EU will all look to issue bills next week. We look for issuance of E15.8bln at first round operations, down from E18.9bln this week.

  • Germany will kick off issuance for the week on Monday morning with E2bln of the 5-month Jun 21, 2023 bubill and E3bln of the new 11-month Dec 13, 2023 bubill on offer.
  • On Monday afternoon, France will look to sell up to E6.4bln of 12/21/51-week BTFs: E2.5-2.9bln of the 12-week Apr 26, 2023 BTF, E1.1-1.5bln of the 21-week Jun 28, 2023 BTF and E1.6-2.0bln of the new 51-week Jan 24, 2024 BTF.
  • On Tuesday, Belgium will look to sell an indicative E1.2bln of the 1.5-month Mar 9, 2023 TC (range E1.0-1.4bln).
  • On Wednesday, Greece will look to sell E625mln of the new 13-week May 5, 2023 GTB.
  • The EU will conclude issuance on Wednesday with E1.0bln of the 3-month May 5, 2023 EU-bill and E1.5bln of the new 6-month Aug 4, 2023 EU-bill on offer.