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W/C February 12, 2024

EUROZONE T-BILL ISSUANCE

Germany, France, Spain, and Finland, are due to sell bills next week.We expect issuance to be E15.3bln in first round operations, down from E30.5bln this week.

  • On Monday morning, Germany will look to sell E2bln of the 3-month May 15, 2024 bubill and E2bln of the 9-month Nov 20, 2024 bubill.
  • On Monday afternoon, France will look to issue up to E7.1bln of 12/25/27/50-week BTFs: E2.8-3.2bln of the 12-week May 8, 2024 BTF, E0.0-0.4bln of the new 25-week Aug 7,2024 BTF, E1.5-1.9bln of the new 27-week Aug 21,2024 BTF and E1.2-1.6bln of the 50-week Jan 29, 2025 BTF.
  • On Tuesday morning, Spain will look to sell the 3-month May 10, 2024 letras and the 9-month Nov 8, 2024 letras, with the auction size to be confirmed on Monday.
  • Finally on Tuesday, Finland will look to come to the market with E1bln of the 6-month Aug 13, 2024 RFTB and E1bln of the 9-month Nov 13, 2024 RFTB.

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