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W/C December 11, 2023

EUROZONE T-BILL ISSUANCE

Germany, the Netherlands, France, Spain and Italy are all due to sell bills next week. We expect issuance to be E21.3bln in first round operations, down from E23.4bln this week.

  • On Monday morning, Germany will look to sell E2bln of the 6-month Jun 19, 2023 bubill.
  • Also on Monday morning, the Netherlands will look to sell E1.0-2.0bln of the 3.5-month Mar 27, 2024 DTC and E1.0-2.0bln of the 5.5-month May 30, 2024 DTC.
  • On Monday afternoon, France will look to sell up to E6.7bln of 13/14/20/50-week BTFs: E2.7-3.1bln of the 13-week Mar 13, 2024 BTF, E0-400mln of the new 14-week Mar 20, 2024 BTF, E1.4-1.8bln of the 20-week May 2, 2024 BTF and E1.0-1.4bln of the 50-week Nov 27, 2024 BTF.
  • On Tuesday, Spain will look to sell the 3-month Mar 8, 2024 letras and the 9-month Sep 6, 2024 letras, with details to be announced on Monday.
  • Finally on Tuesday, Italy will look to sell E7.5bln of the new 12-month Dec 14, 2024 BOT.

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