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W/C April 3, 2023


Germany, the Netherlands, France, Belgium, the ESM, Greece and the EU will all look to sell bills next week. We look for issuance at first round operations of E20.0bln, similar to this week's E20.2bln.

  • Germany will kick off issuance on Monday morning with 3/9-month bubills on offer: E2bln of the 3-month Jul 19, 2023 bubill and E4bln of the 9-month Jan 17, 2024 bubill.
  • Also Monday morning, the Netherlands will look to sell 4/6-month DTCs: E1-2bln of the 4-month Jul 28, 2023 DTC and E1-2bln of the new 6-month Sep 28, 2023 DTC.
  • On Monday afternoon France will look to sell up to E6.3bln of 13/20/22/50-week BTFs: E2.2-2.6bln of the new 13-week Jul 5, 2023 BTF, E1.1-1.5bln of the 20-week Aug 23, 2023 BTF, E0-400mln of the 22-week Aug 23, 2023 BTF and E1.4-1.8bln of the 50-week Mar 20, 2024 BTF.
  • On Tuesday morning, Belgium will come to the market to sell E0.8-1.2bln of the 3-month Jul 13, 2022 TC.
  • Also Tuesday, the ESM will look to sell up to E1.1bln of new 3-month Jul 6, 2023 bills.
  • On Wednesday, Greece will look to sell E625mln of the new 13-week Jul 7, 2023 GTB.
  • Concluding bill issuance for the week, also on Wednesday, the EU will look to sell up to E1bln of the 3-month Jul 7, 2023 EU-bill and up to E1.5bln of the new 6-month Oct 6, 2023 EU-bill.

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