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W/C July 18, 2022

EUROZONE T-BILL ISSUANCE

Germany, the Netherlands, France, the ESM, the EU and Portugal are all due to sell bills next week. We estimate issuance of E15.4bln to be issued through first round operations, down from the E21.9bln issued this week.

  • Germayn will kick off issuance for the week on Monday morning with E3bln of the new 12-month Jul 19, 2023 bubill on offer.
  • Also on Monday morning, the Netherlands will look to sell E1.0-1.5bln of each of the 2-month Sep 29, 2022 DTC and the 4-month Nov 23, 2022 DTC.
  • On Monday afternoon, France will look to sell up to E6.3bln of 12/19/21/51-week BTFs: E2.6-3.0bln of the 12-week Oct 12, 2022 BTF, E0.2-0.6bln of the 19-week Nov 30, 2022 BTF, E0.8-1.2bln of the 21-week Dec 14, 2022 BTF and E1.1-1.5bln of the new 51-week Jul 12, 2023 BTF.
  • The ESM will then come to the market on Tuesday to sell up to E1.1bln of new 6-month Jan 19, 2023 bills.
  • On Wednesday, Portugal will come to the market to sell up to E500mln of the new 12-month Jul 21, 2023 BT
  • Also Wednesday, the EU will look to conclude Eurozone bill issuance for the week with up to E1bln of each of the 3-month Oct 7, 2022 EU-bill and the 6-month Jan 6, 2023 EU-bill on offer.

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