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W/C August 5, 2024

EUROZONE T-BILL ISSUANCE

Germany, the Netherlands and France have already issued bills whilst Spain, Belgium, the ESM, the EU and Italy are all due to sell bills this week. We expect issuance to be E31.5bln in first round operations, up from E10.5bln last week.

  • This morning, Spain will look to sell a combined E4.5-5.5bln of the 6-month Feb 5,2025 letras and the new 12-month Aug 6, 2025 letras.
  • Also this morning, Belgium will sell E3.0-3.4bln of 3/11-month TCs: an indicative E2.2bln of the 3-month Nov 7, 2024 TC and an indicative E1.0bln of the 11-month Jul 10, 2025 TC.
  • Finally today, the ESM will sell up to E1.1bln of the new 3-month Nov 7, 2024 bill.
  • Tomorrow, the EU will issue up to E1.5bln of the 3-month Nov 8, 2024 EU-bill and up to E1.5bln of the new 6-month Feb 7, 2025 EU-bill.
  • Finally, on Friday Italy will sell the new 12-month 6-Aug BOT. The size will be announced later today.

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

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