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W/C April 8, 2024

EUROZONE T-BILL ISSUANCE

Germany, France, Spain, Belgium, Finland and Italy are due to sell bills next week. We expect issuance to be E28.4bln in first round operations, up from E16.5bln this week.

  • On Monday morning, Germany will come to the market to sell E2bln of the 3-month Jul 17, 2024 bubill and E2bln of the 9-month Jan 15, 2025 bubill.
  • On Monday afternoon, France will look to sell up to E7.4bln of 12/15/27/50-week BTFs: E3.1-3.5bln of the 12-week Jul 3, 2024 BTF, E0.1-0.5bln of the 15-week Jul 24, 2024 BTF, E1.4-1.8bln of the new 27-week Oct 16, 2024 BTF and E1.2-1.6bln of the 50-week Mar 26, 2025 BTF.
  • On Tuesday, Spain will look to sell the 6-month Oct 4, 2024 letras and the new 12-month Apr 9, 2025 letras, with details to be announced on Monday.
  • Also on Tuesday, Belgium will look to sell E1.8-2.2bln of 3/12-month TCs: An indicative E0.8bln of the 3-month Jul 11, 2024 TC and an indicative E1.2bln of the 12-month Mar 13, 2025 TC.
  • Finally on Tuesday, Finland will look to sell up to a combined E2bln of the 7-month Nov 13, 2024 RFTB and the 10-month Feb 13, 2025 RFTB.
  • On Wednesday, Italy will come to the market to sell E8.0bln of the new 12-month Apr 14, 2025 BOT.

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

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