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​W/C Oct 17, 2022

EUROZONE T-BILL ISSUANCE

Germany, the Netherlands, France, Austria, the ESM and the EU will all look to issue bills next week. We look for issuance at first round operations of E19.6bln, down from E25.9bln this week.

  • Germany will kick off issuance for the week on Monday with E3bln of the 6-month Apr 13, 2023 bubill and E3bln of the new 12-month Oct 18, 2023 bubill on offer.
  • Also Monday morning, the Netherlands will look to sell E1.0-1.5bln of each of the 4-month Feb 27, 2023 DTC and the new 6-month Apr 27, 2023 DTC.
  • On Monday afternoon, France will look to sell up to E5.7bln of 13/20/50-week BTFs: E2.5-2.9bln of the new 13-week Jan 18, 2023 BTF, E1.0-1.4bln of the 20-week Mar 8, 2023 BTF and E1.0-1.4bln of the 50-week Oct 4, 2023 BTF.
  • On Tuesday, Austria will look to issue its inaugural Green ATB with E1bln of the 4-month Feb 23, 2023 Green ATB on offer alongside the E1.25bln of the 3-month Jan 26, 2023 ATB.
  • Also Tuesday the ESM will look to sell up to E1.1bln of new 6-month Apr 20, 2023 bills.
  • The EU will conclude bill issuance for the week on Wednesday with up to E1bln of each of the 3-month Jan 6, 2023 EU-bill and the 6-month Apr 7, 2023 EU-bill on offer.

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