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W/C Sept 19, 2022

EUROZONE T-BILL ISSUANCE

Germany, the Netherlands, France, Austria, the ESM, Portugal and the EU will all look to sell bills this week. We look for issuance at first round operations of E17.0bln, up from last week's E16.0bln.

  • Germany will come the market this morning to issue E3bln of the new 12-month Sep 20, 2023 bubill.
  • The Netherlands will look to sell E1.0-1.5bln of each of the 2-month Nov 23, 2022 DTC and the 5-month Feb 27, 2023 DTC.
  • France will conclude today's issuance with up to E5.3bln of 11/20/50-week BTFs on offer: E2.3-2.7bln of the 11-week Dec 7, 2022 BTF, E1.1-1.5bln of the 20-week Feb 8, 2023 BTF and E0.7-1.1bln of the 50-week Sep 6, 2023 BTF.

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