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W/C July 11, 2022

EUROZONE T-BILL ISSUANCE

Germany, France, Spain, Italy, Belgium and Ireland are all set to sell bills this week. We estimate issuance through first round operations to be E22.0bln, down from the E26.2bln sold last week.

  • Germany will kick off issuance this morning with E3bln of the 6-month Jan 18, 2023 bubill on offer.
  • This afternoon, France will look to sell up to E6.1bln of 13/22/40/48-week BTFs: E2.7-3.1bln of the new 13-week Oct 12, 2022 BTF, E0.8-1.2bln of the 22-week Dec 14, 2022 BTF, E0.2-0.6bln of the 40-week Apr 19, 2023 BTF and E0.8-1.2bln of the 48-week Jun 14, 2023 BTF.
  • Tomorrow morning, Spain will look to sell 3/9-month letras. On offer will be 3-month Oct 7, 2022 letras and 9-month Apr 14, 2023 letras. Auction amounts will be announced on Monday.
  • Italy will then look to raise E7bln of the new 12-month Jul 14, 2023 BOT.
  • Also tomorrow, Belgium will look to sell E2.8-3.2bln of 3/12-month TCs: an indicative E1bln of the 3-month Nov 10, 2022 TC and an indicative E2bln of the new 12-month Jul 13, 2022 TC.
  • Ireland will conclude bill issuance for the week on Thursday with details due to be announced this morning. We would be surprised if the auction saw anything other then a E750mln reopening of the 5-month Dec 19, 2022 IRTB.

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