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W/C Feb 6, 2023

EUROZONE T-BILL ISSUANCE
MNI (London)

Germany, the Netherlands, France, Spain, Belgium, the ESM and Italy will all look to issue bills this week. We look for issuance of E28.8bln at first round operations, up from E15.9bln last week.

  • Germany will come to the market this morning, with E2bln of the 3-month May 17, 2023 bubill and E3bln of the 9-month Nov 22, 2023 bubill on offer.
  • The Netherlands will then look to sell E1-2bln of the 4-month May 30, 2023 DTC and E1-2bln of the new 6-month Jul 28, 2023 DTC.
  • France will conclude today's issuance with up to E6.0bln of BTFs on offer: E2.1-2.5bln of the new 13-week May 11, 2023 BTF, E0.9-1.3bln of the 20-week Jun 28, 2023 BTF and E1.8-2.2bln of the 50-week Jan 24, 2024 BTF.
  • Tomorrow, Spain will look to sell 6-month Aug 11, 2023 letras and new 12-month Feb 9, 2024 letras. Auction sizes will be announced this afternoon.
  • Belgium will then come to the market to sell E2.0-2.4bln of the TCs: an indicative E1.0bln of the Short May 11, 2023 TC and an indicative E1.2bln of the Long Jan 11, 2024 TC.
  • The ESM will then look to sell E1.1bln of the new 3-month May 4, 2023 bills.
  • Italy will conclude eurozone bill issuance for the week on Friday, with the new 12-month BOT on offer. The auction size will be announced tomorrow.

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