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W/C August 28, 2023

EUROZONE T-BILL ISSUANCE

Germany, France and Italy will look to sell bills this week. We expect issuance at first round operations to be E17.2bln, a little higher than the E16.3bln last week.

  • Germany will kick off issuance this morning with E2bln of the 5-month Jan 17, 2024 bubill and E3bln of the 11-month Jul 17, 2024 bubill on offer.
  • This afternoon, France will look to sell up to E6.7bln of 4/12/23/49-week BTFs: E0.6-1.0bln of the 4-week Sep 20, 2023 BTF, E1.8-2.2bln of the 12-week Nov 22, 2023 BTF, E1.3-1.7bln of the new 23-week Feb 7, 2024 BTF and E1.4-1.8bln of the 49-week Aug 7, 2024 BTF.
  • Tomorrow, Italy will look to re-open BOTs with 3/5-month residual maturities: E2.0bln of the 3-month Dec 14, 2023 BOT and E3.5bln of the 5-month Jan 31, 2024 BOT.

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