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W/C April 1, 2024

EUROZONE T-BILL ISSUANCE

Belgium, the Netherlands, the ESM, France, Greece, and the EU are due to sell bills next week. We expect issuance to be E16.2bln in first round operations, down from E22.6bln this week.

  • On Tuesday morning, Belgium will look to issue a combined E2.0-2.4bln of TCs. On offer will be an indicative E1bln of the 3-month Jul 11, 2024 TC and E1.2bln of the 7-month Nov 7, 2024 TC.
  • Also on Tuesday morning, the Netherlands will look to come to the market with E1.0-1.5bln of the 4-month Jul 30, 2024 DTC and E1.0-2.0bln of the new 6-month Sep 27, 2024 DTC.
  • Also on Tuesday, the ESM will look to sell up to E1.1bln of the new 3-month Jul 4, 2024 bills.
  • Finally, on Tuesday afternoon, France will look to issue the new 13-week Jul 3, 2024 BTF, the 24-week Sep 18, 2024 BTF and the 51-week Mar 26, 2025 BTF, with auction sizes to be confirmed on Friday March 29.
  • On Wednesday, Greece will look to sell E625mln of the new 13-week Jul 5, 2024 GTB.
  • Also on Wednesday, the EU will look to issue up to E1.5bln of the 3-month Jul 5, 2024 EU-bill and up to E1.5bln of the new 6-month Oct 4, 2024 EU-bill.

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

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