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W/C July 11, 2022


Spain, Italy, Belgium and Ireland are still due to sell bills this week while Germany and France came to the market yesterday. We estimate issuance through first round operations to be E22.3bln, down from the E26.2bln sold last week.

  • Germany kicked off issuance yesterday morning selling E3bln of the 6-month Jan 18, 2023 bubill (E2.408bln allotted).
  • Yesterday France sold E6.092bln of 13/22/40/48-week BTFs, the top of the target range: E3.096bln of the new 13-week Oct 12, 2022 BTF, E1.198bln of the 22-week Dec 14, 2022 BTF, E0.600bln of the 40-week Apr 19, 2023 BTF and E1.198bln of the 48-week Jun 14, 2023 BTF.
  • This morning, Spain will look to sell E1.5-2.5bln of 3/9-month letras. On offer will be 3-month Oct 7, 2022 letras and 9-month Apr 14, 2023 letras.
  • Italy will then look to raise E7bln of the new 12-month Jul 14, 2023 BOT.
  • Also today, 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 E1bln of the 3-month Oct 24, 2022 IRTB on offer.

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