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EUROZONE T-BILL ISSUANCE: W/C November 18, 2024

EUROZONE T-BILL ISSUANCE

Germany, the Netherlands, France, the ESM, Portugal and the EU are due to sell bills this week. We expect issuance to be E20.9bln in first round operations, down from E28.0bln last week.

  • This morning, Germany will look to sell E2bln of the 6-month Jun 18, 2025 bubill and E3bln of the new 12-month Nov 19, 2025 bubill.
  • Also this morning, the Netherlands will issue E1.0-2.0bln of the 2.5-month Jan 30, 2025 DTC and E1.0-2.0bln of the 5.5-month Apr 29, 2025 DTC.
  • Finally this afternoon, France will come to the market with up to a combined E8.2bln of 13/22/28/50-week BTFs. On offer will be E3.4-3.8bln of the 13-week Feb 19, 2025 BTF, E0.0-0.4bln of the 22-week Apr 24, 2025 BTF,  E1.6-2.0bln of the new 28-week Jun 4, 2025 BTF and E1.6-2.0bln of the 50-week Nov 5, 2025 BTF.
  • Tomorrow, the ESM will sell up to E1.1bln of the new 6-month May 22, 2025 bill.
  • On Wednesday morning, Portugal will come to the market with E0.75-1.0bln of the new 12-month Nov 21, 2025 BT.
  • To conclude bill issuance for the week, the EU will issue up to E1.5bln of the 3-month Feb 7, 2025 EU-bill and up to E2.0bln of the 6-month May 9, 2025 EU-bill.

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

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Germany, the Netherlands, France, the ESM, Portugal and the EU are due to sell bills this week. We expect issuance to be E20.9bln in first round operations, down from E28.0bln last week.

  • This morning, Germany will look to sell E2bln of the 6-month Jun 18, 2025 bubill and E3bln of the new 12-month Nov 19, 2025 bubill.
  • Also this morning, the Netherlands will issue E1.0-2.0bln of the 2.5-month Jan 30, 2025 DTC and E1.0-2.0bln of the 5.5-month Apr 29, 2025 DTC.
  • Finally this afternoon, France will come to the market with up to a combined E8.2bln of 13/22/28/50-week BTFs. On offer will be E3.4-3.8bln of the 13-week Feb 19, 2025 BTF, E0.0-0.4bln of the 22-week Apr 24, 2025 BTF,  E1.6-2.0bln of the new 28-week Jun 4, 2025 BTF and E1.6-2.0bln of the 50-week Nov 5, 2025 BTF.
  • Tomorrow, the ESM will sell up to E1.1bln of the new 6-month May 22, 2025 bill.
  • On Wednesday morning, Portugal will come to the market with E0.75-1.0bln of the new 12-month Nov 21, 2025 BT.
  • To conclude bill issuance for the week, the EU will issue up to E1.5bln of the 3-month Feb 7, 2025 EU-bill and up to E2.0bln of the 6-month May 9, 2025 EU-bill.

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