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W/C Feb 20, 2023

EUROZONE T-BILL ISSUANCE
MNI (London)

Germany, the Netherlands, France, Austria, the ESM, Greece and Italy will all look to issue bills next week. We look for issuance of E28.7bln at first round operations, up from E15.7bln this week.

  • Germany will kick off issuance for the week on Monday, with E5bln of the new 12-month Feb 21, 2024 bubill on offer.
  • The Netherlands will then look to reopen E1-2bln of each of the 2-month Apr 27, 2023 DTC and the 5-month Jul 28, 2023 DTC.
  • In the afternoon, France will look to sell up to E6.0bln of BTFs: E2.4-2.8bln of the new 13-week May 24, 2023 BTF, E1.0-1.4bln of the 22-week Jul 26, 2023 BTF and E1.4-1.8bln of the 48-week Jan 24, 2024 BTF.
  • On Tuesday, Austria will look to sell E1bln of each of the 3-month May 25, 2023 ATB and 5-month Jul 27, 2023 ATB.
  • The ESM will then come to the market with E1.1bln of the new 6-month Aug 18, 2023 bills on offer.
  • On WednesdayGreece will look to sell the 26-week GTB.
  • On Thursday, Italy will come to the market to sell the new 5-month BOT and the new 6-month BOT, concluding eurozone bill issuance for the week. Auction sizes will be announced on Monday.


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

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