EUROZONE T-BILL ISSUANCE: W/C September 2, 2024

Germany, the Netherlands, France, Spain, Belgium, the ESM, Greece and the EU are all due to sell bills next week. We expect issuance to be E23.2bln in first round operations, up from E21.0bln this week.

• On Monday morning, Germany will look to sell E2bln of the 6-month Mar 19, 2025 bubill.
• Also on Monday morning, the Netherlands will come to the market to sell E1.0-1.5bln of the 2-month Oct 30, 2024 DTC and E1.0-2.0bln of the new 6-month Feb 27, 2025 DTC.
• On Monday afternoon, France will look to issue up to E7.0bln of the 13/19/27/49-week BTFs: E2.8-3.2bln of the new 13-week Dec 4, 2024 BTF, E0.1-0.5bln of the 19-week Jan 15, 2025 BTF, E1.2-1.6bln of the 27-week Mar 12, 2025 BTF, and E1.3-1.7bln of the 49-week Aug 13, 2025 BTF.
• On Tuesday morning, Spain will look to the 6-month Mar 7, 2025 letras and the new 12-month Sep 3, 2025 letras. The size will be announced on Monday.
• Also on Tuesday morning, Belgium will be sell a combined E1.8-2.2bln of the 4/6-month TCs: an indicative E1bln of the 4-month Jan 9, 2025 TC and E1bln of the 6-month Mar 13, 2025 TC.
• Finally on Tuesday, the ESM will sell up to E1.1bln of the new 3-month Dec 5, 2024 bills.
• On Wednesday, Greece will sell E500mln of the new 52-week Sep 5, 2025 GTB.
• 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 E2.0bln of the new 6-month Mar 7, 2025 EU-bill. Note that we haven't had an upper size limit for any EU-bill line since the auction in March 2022  - so this has the potential to be a much larger-than-usual EU-bill auction.

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