W/C July 4, 2022

Greece and the EU are all still due to sell bills this week while Germany, the Netherlands, France, Spain, Belgium and the ESM have already sold bills this week. We estimate bill issuance for the week at a combined E26.2bln at first-round operations, up from E12.1bln last week.

• Germany kicked off issuance for the week on Monday morning, selling E6.0bln of bubills: E4bln (E3.929bln allotted) of the 3-month Oct 19, 2022 bubill and E2bln (E1.024bln allotted) of the 9-month Apr 13, 2023 bubill.
• The Netherlands then sold a combined E2.5bln of DTCs (the mid-point of the target): reopening E1.29bln of the 2-month Aug 30, 2022 DTC and E1.21bln of the 4-month Oct 28, 2022 DTC.
• On Monday afternoon, France sold E6.09bln of BTFs (the top of the target range): E2.799bln of the 12-week Sep 28, 2022 BTF, E1.296bln of the new 23-week Dec 14, 2022 BTF, E0.798bln of the 33-week Feb 22, 2023 BTF and E1.197bln of the 49-week Jun 14, 2023 BTF.
• Yesterday, Spain sold E5.33bln of 6/12-month letras against a E4.5-5.5bln target: E1.149bln of 6-month Jan 13, 2023 letras and E4.185bln of new 12-month Jul 7, 2023 letras.
• Belgium then sold a combined E2.06bln of 3/6-month TCs, against a E1.8-2.2bln target range: E840mln of the 3-month Nov 10, 2022 TC and E1.215bln of the 6-month Jan 12, 2023 TC.
• The ESM concluded yesterday's bill issuance by selling E1.064bln of the 3-month Oct 6, 2022 bill against a target of up to E1.1bln.
• This morning, 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 offer will be up to E1.0bln of the 3-month Oct 7, 2022 EU-bill and up to E1.5bln of the new 6-month Jan 6, 2023 EU-bill.