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W/C Feb 13, 2023

MNI (London)

Germany, France, Spain, Finland, Portugal and the EU will all look to issue bills next week. We look for issuance of E16.0bln at first round operations, down from E29.0bln this week.

  • Germany will kick off issuance for the week on Monday, with E3bln of the 6-month Aug 23, 2023 bubill on offer.
  • In the afternoon, France will look to sell up to E6.1bln of BTFs: E2.4-2.8bln of the 12-week May 11, 2023 BTF, E1.4-1.8bln of the new 23-week Jul 26, 2023 BTF and E1.1-1.5bln of the 49-week Jan 24, 2024 BTF.
  • On Tuesday, Spain will reopen the 3-month May 12, 2023 and 9-month Nov 10, 2023 letras. Auction sizes will be announced on Monday.
  • Finland will then come to the market with E1bln of the 6-month Aug 14, 2023 RFTB and E1bln of the 9-month Nov 13, 2023 RFTB on offer.
  • Portugal will look to sell E0.75-1.00bln of BTs on Wednesday. On offer will be the 3-month May 19, 2023 BT and the 11-month Jan 19, 2024 BT.
  • Then the EU will reopen E1bln of the 3-month May 5, 2023 EU-bill and E1bln of the 6-month Aug 4, 2023 EU-bill, concluding eurozone bill issuance for the week.

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

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