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W/C February 19, 2024

EUROZONE T-BILL ISSUANCE

The ESM, Greece, Portugal, and the EU are due to sell bills this week, whilst Germany, the Netherlands, and France have already come to the market this week. We expect issuance to be E17.6bln in first round operations, up from E15.1bln last week.

  • Today, the ESM will look to sell up to E1.1bln of the new 6-month Aug 22, 2024 bills.
  • Tomorrow, Greece will look to come to the market with E625mln of the new 26-week Aug 23, 2024 GTB on offer.
  • Also tomorrow, Portugal will look to sell a combined E1.25-1.50bln of the new 7-month Sep 20, 2024 BT and the 11-month Jan 17, 2025 BT.
  • Finally on Wednesday, the EU will look to issue up to E1.0bln of the 3-month May 10, 2024 EU-bill and up to E1.0bln of the 6-month Aug 9, 2024 EU-bill.

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