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W/C April 17, 2023

EUROZONE T-BILL ISSUANCE

Spain, the ESM and the EU all still look to sell bills this week while Germany, the Netherlands and France came to the market yesterday. We look for issuance at first round operations of E20.3bln, down from E23.5bln last week.

  • This 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 today, the ESM will look to sell up to E1.1bln of new 6-month Oct 19, 2023 ESM-bills.
  • 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.
  • Portugalhas cancelled its BT auction scheduled for Wednesday 19 April as well as its BT auction scheduled for 17 May.

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