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W/C August 14, 2023

EUROZONE T-BILL ISSUANCE

Finland, Spain and the ESM are all still due to sell bills this week while Germany and France came to the market yesterday. We expect issuance to be E15.2bln at first round operations in the week ahead, down from E28.9bln last week.

  • Today, Finland will look to sell up to E1bln of the 7-month Feb 13, 2024 RFTB and up to E1bln of the 10-month May 14, 2024 RFTB.
  • Tomorrow, Spain will look to sell the 3-month Nov 10, 2023 letras and the 9-month May 10, 2024 letras, with a total auction size of E1.5-2.5bln.
  • Also tomorrow, the ESM will look to sell up to E1.1bln of the new 6-month 22 Feb, 2024 bills.

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