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W/C April 15, 2024

EUROZONE T-BILL ISSUANCE

Germany, the Netherlands, France, Spain, the ESM, Portugal, and the EU are due to sell bills next week. We expect issuance to be E21.4bln in first round operations, down from E28.6bln this week.

  • On Monday morning, Germany will come to the market to sell E2bln of the 6-month Oct 16, 2024 bubill and E3bln of the new 12-month Apr 16, 2025 bubill.
  • Also on Monday morning, the Netherlands will look to sell E1.0-1.5bln of the 2.5-month Jun 27, 2024 DTC and E1.0-1.5bln of the 5.5-month Sep 27,2024 DTC.
  • On Monday afternoon, France will look to issue up to E7.4bln of 13/20/26/49-week BTFs: E3.3-3.7bln of the new 13-week Jul 17, 2024 BTF, E0-0.4bln of the 20-week Sep 4, 2024 BTF, E1.3-1.7bln of the 26-week Oct 16, 2024 BTF and E1.2-1.6bln of the 49-week Mar 26, 2025 BTF.
  • On Tuesday morning, Spain will look to sell the 3-month Jul 5, 2024 letras and the 9-month Jan 10, 2025 letras, with details to be announced on Monday.
  • Also on Tuesday, the ESM will come to the market to sell up to E1.1bln of the new 6-month Oct 17, 2024 bills.
  • On Wednesday, Portugal will look to sell a combined E0.75-1.00bln of the 3-month Jul 19, 2024 BT and the 11-month Mar 21, 2025 BT.
  • 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 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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