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W/C May 23, 2022

EUROZONE T-BILL ISSUANCE

Italy is still scheduled to sell bills this week for a further E5bln. Germany, France and Austria have issued E13.6bln so far this week. We look for issuance from first round operations of E18.6bln, up from E16.8bln last week.

  • Germany kicked off issuance Monday 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).
  • Monday 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.
  • Yesterday, Austria sold E1bln of each of the 5-month Oct 20, 2022 ATB and the 8-month Jan 26, 2023 ATB with E765mln and E1.00bln allotted respectively.
  • Italy will conclude bill issuance for the week on Friday with E5bln of the new 6-month 30 Nov, 2022 BOT on offer.

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