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W/C February 5, 2024

EUROZONE T-BILL ISSUANCE

Germany, the Netherlands, France, Spain, Belgium, the ESM, the EU and Italy are due to sell bills next week. We expect issuance to be E29.3bln in first round operations, up from E15.1bln this week.

  • On Monday morning, Germany will look to sell E2bln of the 6-month Aug 21, 2024 bubill.
  • Also on Monday morning, the Netherlands will look to come to the market with E1.0-1.5bln of the 3.5-month May 30, 2024 DTC and E1.0-1.5bln of the new 6-month Jul 30, 2024 DTC on offer.
  • On Monday afternoon, France will look to issue up to E6.7bln of 13/18/24/51-week BTFs: E2.8-3.2bln of the new 13-week May 8, 2024 BTF, E0.1-0.5bln of the 18-week Jun 12, 2024 BTF, E1.2-1.6bln of the 24-week Jul 24, 2024 BTF, and E1.0-1.4bln of the 51-week Jan 29, 2025 BTF.
  • On Tuesday morning, Spain will look to sell the 6-month Aug 9, 2024 letras and the new 12-month Feb 5, 2025 letras, with the auction size to be confirmed on Monday.
  • Also on Tuesday morning, Belgium will look to sell a combined E1.8-2.0bln of Short/Long TCs: An indicative E800mln of the 3-month May 9, 2024 TC and an indicative E1.2bln of the11-month Jan 9, 2025 TC.
  • Also on Tuesday, the ESM will look to sell up to E1.1bln of the new 3-month May 9, 2024 bills.
  • On Wednesday, the EU will look to issue up to E1.0bln of the 3-month May 10, 2024 EU-bill and up to E1.5bln of the new 6-month Aug 9, 2024 EU-bill.
  • Finally on Friday, Italy will look to sell the 12-month BOT, with details to be confirmed on Tuesday 6th February.

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