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W/C May 30, 2022

EUROZONE T-BILL ISSUANCE

Greece and the EU are both still scheduled to sell bills this week, Germany and France sold bills yesterday for a combined E8.6bln. We look for total issuance from first round operations of E14.7bln, down from E18.6bln last week.

  • Germany yesterday morning sold of E3bln (E2.949bln allotted) of the 3-month Sep 21, 2022 bubill and E3.0bln (E2.372bln allotted) of the 9-month Mar 22, 2023 bubill.
  • Yesterday afternoon, France sold up to E5.590bln of 13/20/50-week BTFs, the top of the target range: E3.194bln of the new 13-week Aug 31, 2022 BTF, E1.398bln of the 20-week Oct 19, 2022 BTF and E0.998bln of the 50-week May 17, 2023 BTF.
  • Tomorrow, Greece will look to sell E625mln of the new 26-week Jun 1, 2022 GTB.
  • Also tomorrow, the EU will look to complete bill issuance for the week with up to E1.0bln of the 3-month Sep 9, 2022 EU-bill and up to E1.5bln of the new 6-month Dec 9, 2022 EU-bill on offer.

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