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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 this week. We look for issuance of E26.2bln at first round operations, up from E15.7bln last week.

  • Germany will kick off issuance for the week this morning, with E5bln of the new 12-month Feb 21, 2024 bubill on offer.
  • Also this morning, the Netherlands will 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 E625mln of the new 26-week Aug 25, 2023 GTB.
  • On Thursday, Italy will come to the market to hold its first 5/6-month BOT auction. It will reopen the 5-month Jul 31, 2023 BOT alongside a new 6-month BOT. 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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