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W/C April 10, 2023

EUROZONE T-BILL ISSUANCE

Spain, Belgium, Finland, France and Italy all look to sell bills this week. We pencil in E23.8bln of issuance at first round operations, up from E19.5bln this week.

  • Spain will kick off bill issuance for the week this morning with a combined E4.5-5.5bln of 6-month Oct 6, 2023 letras on offer alongside new 12-month Apr 12, 2024 letras.
  • Belgium will then look to sell a combined E1.8-2.2bln of 3/11-month TCs: an indicative E800mln of the 3-month Jul 13, 2022 TC and an indicative E1.2bln of the 11-month Mar 7, 2024 TC.
  • Finland will look to sell up to E1bln of the 7-month Nov 13, 2023 RFTB and up to E1bln of the 10-month Feb 13, 2024 RFTB.
  • France will conclude today's issuance. AFT has yet to confirm the details of the auction but we pencil in a reopening of the 12-week Jul 5, 2023 BTF, the launch of the new 23-week Sep 29, 2023 BTF and a reopening of the 49-week Mar 20, 2024 BTF.
  • Italy will conclude the week's issuance tomorrow by reopening E2.0bln of the 4-month Aug 14, 2023 BOT and launching for E6.5bln the new 12-month Apr 12, 2024 BOT.

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