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W/C July 25, 2022

EUROZONE T-BILL ISSUANCE

Germany, France, Austria, Greece and Italy are all due to sell bills next week. We estimate issuance through first round operations to be E20.9bln, up from the E14.4bln sold this week.

  • Germany will kick off issuance for the week on Monday morning with up to E3bln of each of the 5-month Dec 14, 2022 bubill and the 11-month Jun 21, 2023 bubill on offer.
  • On Monday afternoon, France will look to sell up to E6.3bln of 13/20/50-week BTFs: E2.8-3.2bln of the new 13-week Oct 26, 2022 BTF, E0.9-1.3bln of the 20-week Dec 14, 2022 BTF and E1.4-1.8bln of the 50-week Jul 12, 2023 BTF
  • On Tuesday, Austria will look to sell E1bln of each of the 3-month Oct 20, 2022 ATB and the new 9-month Apr 27, 2023 ATB.
  • Wednesday will see Greece come to the market to issue E625mln of the new 26-week Jan 27, 2023 GTB.
  • Also Wednesday, Italy will look to sell the new 6-month Jan 31, 2023 BOT. The auction volume will be announced later this afternoon, but we pencil in a E6bln transaction.

For more on future auctions see the MNI Eurozone/UK T-bill auction calendar.

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Germany, France, Austria, Greece and Italy are all due to sell bills next week. We estimate issuance through first round operations to be E20.9bln, up from the E14.4bln sold this week.

  • Germany will kick off issuance for the week on Monday morning with up to E3bln of each of the 5-month Dec 14, 2022 bubill and the 11-month Jun 21, 2023 bubill on offer.
  • On Monday afternoon, France will look to sell up to E6.3bln of 13/20/50-week BTFs: E2.8-3.2bln of the new 13-week Oct 26, 2022 BTF, E0.9-1.3bln of the 20-week Dec 14, 2022 BTF and E1.4-1.8bln of the 50-week Jul 12, 2023 BTF
  • On Tuesday, Austria will look to sell E1bln of each of the 3-month Oct 20, 2022 ATB and the new 9-month Apr 27, 2023 ATB.
  • Wednesday will see Greece come to the market to issue E625mln of the new 26-week Jan 27, 2023 GTB.
  • Also Wednesday, Italy will look to sell the new 6-month Jan 31, 2023 BOT. The auction volume will be announced later this afternoon, but we pencil in a E6bln transaction.

For more on future auctions see the MNI Eurozone/UK T-bill auction calendar.