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W/C April 15, 2024

EUROZONE T-BILL ISSUANCE

Germany, the Netherlands, France, the ESM, Portugal and the EU are due to sell bills next week. We expect issuance to be E18.7bln in first round operations, down from E24.5bln this week.

  • On Monday morning, Germany will come to the market to sell E3bln of the new 12-month Jul 16, 2025 bubill.
  • Also on Monday morning, the Netherlands will sell E1.0-1.5bln of the 3-month Oct 30, 2024 DTC and E0.5-1.5bln of the 4-month Nov 28, 2024 DTC.
  • On Monday afternoon, France will look to sell up to E7.7bln of 12/15/26/52-week BTFs: E3.2-3.6bln of the 12-week Oct 9, 2024 BTF; E0.2-0.6bln of the 15-week Oct 30, 2024 BTF; E1.3-1.7bln of the 26-week Jan 15, 2025 BTF; E1.4-1.8bln of the new 52-week Jul 17, 2025 BTF.
  • On Tuesday, the ESM will sell up to E1.1bln of the new 6-month E1.1bln bills.
  • On Wednesday morning, Portgual will come to the market to sell E1.00-1.25bln of the 4-month Nov 22, 2024 BT.
  • Finally on Wednesday, the EU will look sell up to E1.5bln of the 3-month Oct 4, 2024 EU-bill and up to E1.5bln of the 6-month Jan 10, 2025 EU-bill.

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

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