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W/C April 17, 2023

EUROZONE T-BILL ISSUANCE

Germany, the Netherlands, France, Spain, the ESM, Portugal and the EU will all look to sell bills next week. We look for issuance at first round operations of E21.3bln, down from E23.5bln this week.

  • Germany will kick off issuance on Monday morning with E2bln of the 6-month Oct 18, 2023 bubill and E5bln of the new 12-month Apr 17, 2024 bubill on offer.
  • The Netherlands will also come to the market on Monday morning, looking to sell E1.0-1.5bln of the 2.5-month Jun 29, 2023 DTC and E1.0-2.0bln of the 5.5-month Sep 28, 2023 DTC.
  • On Monday afternoon, France looks to sell up to E6.3bln of 13/22/48-week BTFs: E2.3-2.7bln of the new 13-week Jul 19, 2023 BTF, E1.3-1.7bln of the 22-week Sep 29, 2023 BTF and E1.5-1.9bln of the 48-week Mar 20, 2024 BTF.
  • On Tuesday morning Spain will look to sell 3-month Jul 7, 2023 letras and 9-month Jan 12, 2024 letras. The amount will be confirmed on Monday.
  • Also Tuesday, the ESM will look to sell up to E1.1bln of new 6-month Oct 19, 2023 ESM-bills.
  • Portugal will come to the market on Wednesday with E500mln of the 11-month Mar 15, 2024 BT on offer (although IGCP has yet to confirm this auction).
  • The EU will conclude issuance for week on Wednesday with up to E1bln of the 3-month Jul 7, 2023 EU-bill and up to E1bln of the 6-month Oct 6, 2023 EU-bill on offer.

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