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EUROZONE T-BILL ISSUANCE: W/C September 16, 2024

EUROZONE T-BILL ISSUANCE
EurozoneBulletGlobalFixed Income BulletsRegionMarkets

Germany, the Netherlands, France, the ESM, Portugal and the EU are all due to sell bills this week. We expect issuance to be E17.9bln in first round operations, down from E26.0bln last week.

  • This morning, Germany will sell E3bln of the new 12-month Sep 17, 2025 bubill.
  • Also this morning, the Netherlands will come to the market to sell E1-2bln of the 4.5-month Jan 30, 2025 DTC and E1-2bln of the 5.5-month Feb 27, 2025 DTC.
  • This afternoon, France will look to issue up to E7.1bln of the 13/25/51-week BTFs: E3.1-3.5bln of the 13-week Dec 18, 2024 BTF, E1.4-1.8bln of the 25-week Mar 12, 2025 BTF and E1.4-1.8bln of the 51-week Sep 10, 2025 BTF.
  • Tomorrow, the ESM will sell up to E1.1bln of the new 6-month Mar 20, 2025 bills.
  • On Wednesday, Portugal will sell a shared E0.75-1.00bln of the 6-month Mar 21, 2025 BT and the new 12-month Sep 19, 2025 BT.
  • Finally on Wednesday, the EU will end the week by issuing up to E1.5bln of the 3-month Dec 6, 2024 EU-bill and up to E2.0bln of the 6-month Mar 7, 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 all due to sell bills this week. We expect issuance to be E17.9bln in first round operations, down from E26.0bln last week.

  • This morning, Germany will sell E3bln of the new 12-month Sep 17, 2025 bubill.
  • Also this morning, the Netherlands will come to the market to sell E1-2bln of the 4.5-month Jan 30, 2025 DTC and E1-2bln of the 5.5-month Feb 27, 2025 DTC.
  • This afternoon, France will look to issue up to E7.1bln of the 13/25/51-week BTFs: E3.1-3.5bln of the 13-week Dec 18, 2024 BTF, E1.4-1.8bln of the 25-week Mar 12, 2025 BTF and E1.4-1.8bln of the 51-week Sep 10, 2025 BTF.
  • Tomorrow, the ESM will sell up to E1.1bln of the new 6-month Mar 20, 2025 bills.
  • On Wednesday, Portugal will sell a shared E0.75-1.00bln of the 6-month Mar 21, 2025 BT and the new 12-month Sep 19, 2025 BT.
  • Finally on Wednesday, the EU will end the week by issuing up to E1.5bln of the 3-month Dec 6, 2024 EU-bill and up to E2.0bln of the 6-month Mar 7, 2025 EU-bill.
     

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