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EUROZONE T-BILL ISSUANCE: W/C September 30, 2024

EUROZONE T-BILL ISSUANCE

Germany, France, Spain, Belgium, the ESM, Greece, and the EU are due to sell bills this week. We expect issuance to be E21.6bln in first round operations, up from E21.5bln last week.

  • This morning, Germany will sell E2bln of the 6-month Apr 16, 2025 bubill.
  • This afternoon, France will look to issue up to E7.5bln of 9/14/27/49-week BTFs:  E0.1-0.5bln of the 9-week Dec 4, 2024 BTF, E3.1-3.5bln of the new 14-week Jan 8, 2025 BTF, E1.6-2.0bln of the 27-week Apr 9, 2025 BTF and E1.1-1.5bln of the 49-week Sep 10, 2025 BTF.
  • Tomorrow morning, Spain will come to the market to sell the 6-month Apr 11, 2025 letras and the new 12-month Oct 1, 2025 letras. The size will be announced later today.
  • Also tomorrow, Belgium will sell an indicative E2.0bln (E1.8-2.2bln range) of the 4-month Jan 9, 2025 TC.
  • Finally tomorrow, the ESM will issue up to E1.1bln of the new 3-month Jan 9, 2025 bills.
  • On Wednesday, Greece will sell E500mln of the new 13-week Jan 3, 2025 GTB.
  • Also on Wednesday, the EU will end the week by selling up to E1.5bln of the 3-month Jan 10, 2025 EU-bill and  up to E2.0bln of the new 6-month Apr 4, 2025 EU-bill.

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

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Germany, France, Spain, Belgium, the ESM, Greece, and the EU are due to sell bills this week. We expect issuance to be E21.6bln in first round operations, up from E21.5bln last week.

  • This morning, Germany will sell E2bln of the 6-month Apr 16, 2025 bubill.
  • This afternoon, France will look to issue up to E7.5bln of 9/14/27/49-week BTFs:  E0.1-0.5bln of the 9-week Dec 4, 2024 BTF, E3.1-3.5bln of the new 14-week Jan 8, 2025 BTF, E1.6-2.0bln of the 27-week Apr 9, 2025 BTF and E1.1-1.5bln of the 49-week Sep 10, 2025 BTF.
  • Tomorrow morning, Spain will come to the market to sell the 6-month Apr 11, 2025 letras and the new 12-month Oct 1, 2025 letras. The size will be announced later today.
  • Also tomorrow, Belgium will sell an indicative E2.0bln (E1.8-2.2bln range) of the 4-month Jan 9, 2025 TC.
  • Finally tomorrow, the ESM will issue up to E1.1bln of the new 3-month Jan 9, 2025 bills.
  • On Wednesday, Greece will sell E500mln of the new 13-week Jan 3, 2025 GTB.
  • Also on Wednesday, the EU will end the week by selling up to E1.5bln of the 3-month Jan 10, 2025 EU-bill and  up to E2.0bln of the new 6-month Apr 4, 2025 EU-bill.

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