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W/C May 23, 2022

EUROZONE T-BILL ISSUANCE

Austria and Italy are both still scheduled to sell bills this week for an estimated further E7bln. Germany and France issued E11.6bln yesterday. We look for issuance from first round operations of E18.6bln, up from E16.8bln last week.

  • Germany kicked off issuance yesterday morning. The original target had been to sell E3bln of each of the 5/11-month bubills. However E4.5bln of the 5-month Oct 19, 2022 bubill was sold (E4.325bln allotted) alongside E1.5bln of the 11-month Apr 13, 2023 bubill (E917mln allotted).
  • Yesterday afternoon, France sold E5.593bln of 12/21/51-week BTFs, the top of the target range: E3.396bln of the 12-week Aug 17, 2022 BTF, E1.198bln of the 21-week Oct 19, 2022 BTF and E0.999bln of the new 51-week May 17, 2023 BTF.
  • This morning, Austria will look to sell up to E1bln of each of the 5-month Oct 20, 2022 ATB and the 8-month Jan 26, 2023 ATB.
  • Italy will conclude bill issuance for the week on Friday with the new 6-month 30 Nov, 2022 BOT on offer. The volume will be confirmed later today.

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