W/C July 4, 2022

Germany, the Netherlands, France, Spain, Belgium, the ESM, Greece and the EU have all 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.
• On Tuesday morning, 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 Tuesday's bill issuance by selling E1.064bln of the 3-month Oct 6, 2022 bill against a target of up to E1.1bln.
• On Wednesday, Greece sold E625mln of the new 13-week Oct 7, 2022 GTB.
• The EU then wrapped up bill issuance for the week by selling E1.0bln of the 3-month Oct 7, 2022 EU-bill and E1.5bln of the new 6-month Jan 6, 2023 EU-bill, the top of the target range for both.