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W/C August 7, 2023

EUROZONE T-BILL ISSUANCE

Spain, Belgium and Italy are all still due to sell bills this week while Germany, the Netherlands and France sold bills yesterday. We expect issuance to be E29.2bln at first round operations in the week, up from E10.9bln last week.

  • This morning, Spain will look to sell letras for a total of E4.5-5.5bln with the 6-month Feb 9, 2024 letras and the new 12-month Aug 9, 2024 letras on offer.
  • Also today, Belgium will issue E1.8-2.2bln of 3/11-month TCs: an indicative E1.0bln of the 3-month Nov 9, 2023 TC and an indicative E1.0bln of the 11-month Jul 11, 2024 TC.
  • Finally on Thursday, Italy will look to sell E8bln of the new 12-month Aug 14, 2024 BOT.

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