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W/C July 25, 2022

EUROZONE T-BILL ISSUANCE

Greece and Italy are both still due to sell bills today while Germany, France and Austria have issued already this week. We estimate issuance through first round operations to be E20.9bln, up from the E14.4bln sold last week.

  • Germany kicked off issuance for the week Monday morning selling E3bln of each of the 5-month Dec 14, 2022 bubill (E2.639bln allotted) and the 11-month Jun 21, 2023 bubill (E2.500bln allotted).
  • Monday afternoon, France sold E6.292bln of 13/20/50-week BTFs, the top of the target range: E3.196bln of the new 13-week Oct 26, 2022 BTF, E1.297bln of the 20-week Dec 14, 2022 BTF and E1.799bln of the 50-week Jul 12, 2023 BTF
  • Yesterday, Austria sold E1bln of each of the 3-month Oct 20, 2022 ATB (E722mln allotted) and the new 9-month Apr 27, 2023 ATB (E668mln allotted).
  • This morning will see Greece come to the market to issue E625mln of the new 26-week Jan 27, 2023 GTB.
  • Also this morning, Italy will look to sell E6bln of the new 6-month Jan 31, 2023 BOT.

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

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