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W/C Feb 13, 2023

MNI (London)

Spain, Finland, Portugal and the EU are yet to issue bills this week, after Germany and France issued on Monday. We look for issuance of E16.0bln at first round operations, down from E29.0bln last week.

  • On Tuesday, Spain will reopen a combined E1.5-2.5bln of the 3-month May 12, 2023 and 9-month Nov 10, 2023 letras.
  • 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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