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EUROZONE T-BILL ISSUANCE: W/C August 19, 2024

EUROZONE T-BILL ISSUANCE

Germany, the Netherlands, France, the ESM and Greece are all due to sell bills next week. We expect issuance to be E14.3bln in first round operations, down from E15.1bln this week.

  • On Monday, Germany will look to sell E3bln of the new 12-month Aug 20, 2025 bubill.
  • Also on Monday, the Netherlands will issue E1-2bln of the 3.5-month Nov 28, 2024 DTC and E1-2bln of the 5.5-month Jan 30, 2025 DTC.
  • On Monday afternoon, France will look to issue up to E7.0bln of the 8/13/25/51-week BTFs: E0.2-0.6bln of the 8-week Oct 16, 2024 BTF, E3.2-3.6bln of the new 13-week Nov 20, 2024 BTF, E0.9-1.3bln of the 25-week Feb 12, 2025 BTF, and E1.1-1.5bln of the 51-week Aug 13, 2025 BTF.
  • On Tuesday, the ESM will come to the market to sell up to E1.1bln of the new 6-month Feb 20, 2025 bill.
  • Finally on Wednesday, Greece will issue E500mln of the new 26-week Feb 21, 2025 GTB.

For more on future auctions see the full MNI Eurozone/UK T-bill auction calendar here.

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