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W/C December 4, 2023

EUROZONE T-BILL ISSUANCE

Spain, Belgium, the ESM, Greece and the EU are all still due to sell bills this week while Germany, the Netherlands and France came to the market yesterday. We expect issuance to be E23.4bln in first round operations, up from E21.3bln last week.

  • This morning, Spain will come to the market to sell a combined E3.5-4.5bln of the 6-month Jun 7, 2024 letras and the new 12-month Dec 6, 2024 letras.
  • Also this morning, Belgium will look to sell E0.8-1.2bln of the 3-month Mar 7, 2024 TC.
  • Finally today, the ESM will come to the market to sell up to E1.1bln of the new 3-month Mar 7, 2024 bills.
  • Tomorrow, Greece will look to sell E375mln of the new 52-week Dec 6, 2024 GTB.
  • Finally tomorrow, 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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