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[CORRECT] W/C September 18, 2023

EUROZONE T-BILL ISSUANCE

Correction: Portugal has announced the cancellation of the following BT auctions: 20 September: 6-month Mar 15, 2024 BT and the new 12-month Sep 20, 2024 BT (no auction on this date anymore).


The ESM and the EU are all still due to sell bills this week while Germany, the Netherlands and France came to the market yesterday. We expect issuance to be E15.9bln at first round operations this week, down from E23.2bln last week.

  • Tomorrow, the ESM will look to sell up to E1.1bln of the new 6-month Mar 21, 2024 bills.
  • Finally on Wednesday, the EU will look to sell up to E1.0bln of the 3-month Dec 8, 2023 EU-bill and up to E1.0bln of the 6-month Mar 8, 2024 EU-bill.

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