July 04, 2022 05:41 GMT
EUROZONE T-BILL ISSUANCE
Germany, the Netherlands, France, Spain, Belgium, Greece and the EU are all due to sell bills this week. We estimate bill issuance for the week at a combined E21.7bln at first-round operations, down from E12.1bln last week.
- Germany will kick off issuance for the week this morning, with E6.0bln of bubills on offer: E3bln of the 3-month Oct 19, 2022 bubill and E3bln of the 9-month Apr 13, 2023 bubill.
- The Netherlands will then reopen E1.0-1.5bln of the 2-month Aug 30, 2022 DTC and E1.0-1.5bln of the 4-month Oct 28, 2022 DTC.
- France will conclude today's issuance with up to E6.1bln of BTFs on offer: E2.4-2.8bln of the 12-week Sep 28, 2022 BTF, E0.9-1.3bln of the new 23-week Dec 14, 2022 BTF, E0.4-0.8bln of the 33-week Feb 22, 2023 BTF and E0.8-1.2bln of the 49-week Jun 14, 2023 BTF.
- Tomorrow, Spain will come to the market with 6-month Jan 13, 2023 letras and 4-Jul of the new 12-month Jul 7, 2023 letras on offer. Auction sizes will be confirmed on Monday afternoon.
- Belgium will also come to the market on Tuesday, with a combined E1.8-2.2bln of TCs on offer: the Short Nov 10, 2022 TC and the Medium Jan 12, 2023 TC.
- On Wednesday Greece will look to sell E625mln of the new 13-week Oct 7, 2022 GTB.
- The EU will then wrap up bill issuance for the week on Wednesday morning. On offer will be E1.0bln of the 3-month Oct 7, 2022 EU-bill and E1.5bln of the new 6-month Jan 6, 2023 EU-bill.