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W/C December 4, 2023

EUROZONE T-BILL ISSUANCE

Germany, the Netherlands, France, Spain, Belgium, the ESM, Greece and the EU, are all due to sell bills next week. We expect issuance to be E24.2bln in first round operations, up from E21.3bln this week.

  • On Monday morning, Germany will look to sell E2bln of the 5-month May 15, 2024 bubill and E2bln of the 11-month Nov 20, 2024 bubill.
  • Also on Monday morning, the Netherlands E1.0-2.0bln of the 3-month Feb 28, 2024 DTC and E1.0-2.0bln of the new 6-month May 30, 2024 DTC.
  • On Monday afternoon, France will offer up to E7.5bln of 12/21/31/51-week BTFs: E2.6-3.0bln of the 12-week Feb 28, 2024 BTF, E1.5-1.9bln of the 21-week May 2, 2024 BTF, E0.2-0.6bln of the 31-week Jul 10, 2024 BTF, and E1.6-2.0bln of the new 51-week Nov 27, 2024 BTF.
  • On Tuesday morning, Spain will come to the market to sell the 6-month Jun 7, 2024 letras and the new 12-month Dec 6, 2024 letras, with details to be announced on Monday.
  • Also on Tuesday morning, Belgium will look to sell E0.8-1.2bln of the 3-month Mar 7, 2024 TC.
  • On Tuesday, the ESM will come to the market to sell up to E1.1bln of the new 3-month Mar 7, 2024 bills.
  • On Wednesday, Greece will look to sell E375mln of the new 52-week Dec 6, 2024 GTB.
  • Finally on Wednesday, the EU will conclude issuance for the week, selling up to E1.0bln of the 3-month Mar 8, 2024 EU-bill and up to E1.5bln of the new 6-month Jun 7, 2024 EU-bill.

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