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W/C Sept 12, 2022

EUROZONE T-BILL ISSUANCE

Germany, France, Spain, Belgium, Finland and Ireland will all look to sell bills next week. We estimate issuance of E15.8bln in first round operations, around half of this week's E31.6bln.

  • Germany will kick off issuance on Monday with E3bln of the 6-month Mar 22, 2023 bubill on offer.
  • On Monday afternoon, France will look to sell up to E5.6bln of 12/21/51-week BTFs: E2.2-2.6bln of the 12-week Dec 7, 2022 BTF, E1.1-1.5bln of the 21-week Feb 8, 2023 BTF and E1.1-1.5bln of the new 51-week Sep 6, 2023 BTF.
  • On Tuesday, Spain will look to sell 3/9-month letras with amounts to be confirmed on Monday. On offer will be 3-month Dec 9, 2022 letras and 9-month Jun 9, 2023 letras.
  • Belgium will then look to sell E2.8-3.2bln of 4/12-month TCs: an indicative E1bln of the Jan 12, 2023 TC and an indicative E2bln of the new Sep 14, 2023 TC.
  • Also Tuesday, Finland will look to sell up to E1bln of the 5-month Feb 13, 2023 RFTB and up to E1bln of the 8-month May 12, 2023 RFTB.
  • Ireland will conclude bill issuance for the week on Thursday with details to be announced on Monday morning.

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