Italy is still due to sell bills today for E6.5bln while Spain, Belgium, the Netherlands, the ESM, France and Greece have already sold bills for E16.8bln this week. We estimate total issuance from first round operations will be E23.3bln up from E14.7bln last week.
- Spain kicked off bill issuance for the week on Tuesday selling 6/12-month letras for a combined E4.928bln against a E4.5-5.5bln target: E873mln of 6-month Dec 9, 2022 letras and E4.055bln of the new 12-month Jun 9, 2023 letras.
- Belgium then reopened the 3-month Sep 8, 2022 TC for E1.155bln against a target range of E0.8-1.2bln.
- The Netherlands sold E2.72bln of DTCs against a E2-3bln target: E1.42bln of the 1.5-month Jul 28, 2022 DTC and E1.30bln of the 5-month Oct 28, 2022 DTC.
- The ESM then sold E1.056bln of the new 3-month Sep 8, 2022 bill against a target of up to E1.1bln.
- France wrapped up Tuesday’s issuance, selling E5.894bln of BTFs, the top of the target range: E3.498bln of the 12-week Aug 31, 2022 BTF, E1.497bln of the new 23-week Nov 16, 2022 BTF and E0.899bln of the 49-week May 17, 2023 BTF.
- On Wednesday, Greece came to the market to sell E1.0bln of the new 52-week Jun 9, 2023 GTB.
- Italy will conclude issuance for the week this morning with E6.5bln of the new 12-month Jun 14, 2023 BOT on offer. Note also that, Italy announced this week that it would cancel the 6-month BOT auction scheduled for 28 June.