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W/C April 15, 2024

EUROZONE T-BILL ISSUANCE

Germany, the Netherlands, and France have already sold bills this week. Spain, the ESM, Portugal, and the EU are still due to sell bills this week. We expect issuance to be E21.7bln in first round operations, down from E28.6bln last week.

  • This 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 today, the ESM will come to the market to sell up to E1.1bln of the new 6-month Oct 17, 2024 bills.
  • Tomorrow, Portugal will look to sell a combined E1.25-1.50bln of the 3-month Jul 19, 2024 BT and the 11-month Mar 21, 2025 BT.
  • Also tomorrow, 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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