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W/C July 18, 2022


Germany, the Netherlands, France, the ESM and the EU have already sold bills this week. We estimate issuance of E14.4bln to be issued through first round operations, down from the E21.9bln issued last week.

  • Germany kicked off issuance for the week Monday morning, selling E3bln of the new 12-month Jul 19, 2023 bubill (E2.63bln allotted).
  • Also Monday morning, the Netherlands sold E1.02bln of each of the 2-month Sep 29, 2022 DTC and the 4-month Nov 23, 2022 DTC against targets of E1.0-1.5bln for each.
  • On Monday afternoon, France sold will look to sell up to E6.293bln of 12/19/21/51-week BTFs, the top of the target range: E2.999bln of the 12-week Oct 12, 2022 BTF, E0.597bln of the 19-week Nov 30, 2022 BTF, E1.199bln of the 21-week Dec 14, 2022 BTF and E1.498bln of the new 51-week Jul 12, 2023 BTF.
  • The ESM came to the market Tuesday to sell E1.1bln of new 6-month Jan 19, 2023 bills.
  • Yesterday, the EU concluded Eurozone bill issuance for the week selling E1bln of the 3-month Oct 7, 2022 EU-bill and E999mln of the 6-month Jan 6, 2023 EU-bill.

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