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W/C Sept 19, 2022

EUROZONE T-BILL ISSUANCE

Austria, the ESM, Portugal and the EU are still scheduled to sell E6.4bln of bills this week. Germany, the Netherlands and France sold E10.8bln yesterday. In total, we look for issuance at first round operations of E17.2bln, a little higher than last week's E16.0bln.

  • Austria will kick off this morning's issuance with up to E1bln of each of the 4-month Jan 26, 2023 ATB and the 7-month Apr 27, 2023 ATB on offer.
  • Also today, the ESM will look to sell up to E1.1bln of new 6-month Mar 23, 2023 bills.
  • On Wednesday, Portugal will look to sell a combined E1.00-1.25bln of the 6-month Mar 17, 2023 BT and the new 12-month Sep 22, 2023 BT. The Portuguese auction is yet to be confirmed.
  • Concluding bill issuance for the week on Wednesday, the EU will look to sell up to E1bln of each of the 3-month Dec 9, 2022 EU-bill and the 6-month Mar 3, 2023 EU-bill.

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