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W/C July 11, 2022


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

  • Germany kicked off issuance on Monday morning selling E3bln of the 6-month Jan 18, 2023 bubill (E2.408bln allotted).
  • Monday afternoon 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.
  • Yesterday morning, Spain sold E1.83bln of 3/9-month letras against a E1.5-2.5bln target: E355mln 3-month Oct 7, 2022 letras and E1.478bln 9-month Apr 14, 2023 letras.
  • Italy then raised E7bln by selling the new 12-month Jul 14, 2023 BOT.
  • Also yesterday, Belgium sold E3.005bln of 3/12-month TCs against a E2.8-3.2bln target range: E905mln of the 3-month Nov 10, 2022 TC and E2.10bln of the new 12-month Jul 13, 2022 TC.
  • Ireland will conclude bill issuance for the week tomorrow with E1bln of the 3-month Oct 24, 2022 IRTB on offer.

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