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W/C Oct 10, 2022

EUROZONE T-BILL ISSUANCE

Germany, France, Spain, Belgium, Finland and Italy are all due to sell bills next week. We look for issuance at first round operations of E25.3bln.

  • Germany will kick off the first of its larger bubill auctions for this quarter on Monday morning with up to E8bln of 3/9-month bubills on offer: E5bln of the 3-month Jan 18, 2023 bubill and E3bln of the 9-month Jul 19, 2023 bubill on offer.
  • Monday afternoon, France will then look to sell up to E6.2bln of 12/21/51-week BTFs: E2.0-2.4bln of the 12-week Jan 4, 2023 BTF, E1.4-1.8bln of the 21-week Mar 8, 2023 BTF and E1.6-2.0bln of the new 51-week Oct 4, 2023 BTF.
  • Spain will kick off Tuesday's issuance with 3-month Jan 13, 2023 letras and 9-month Jul 7, 2023 letras on offer. Auction sizes will be confirmed on Monday.
  • Belgium will then look to sell E2.0-2.4bln 3/11-month TCs: an indicative E1.0bln of the 3-month Jan 12, 2023 TC and an indicative E1.2bln of the 11-month Sep 14, 2023 TC.
  • Finland will conclude Tuesday's issuance with up to E1bln of each of the 7-month May 12, 2023 RFTB and the new 10-month Aug 14, 2023 RFTB on offer.
  • Italy will draw Eurozone bill issuance for the week to a close on Wednesday with the new 12-month Oct 13, 2023 BOT on offer. The auction size will be confirmed later today but we pencil in E5.5bln.

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