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W/C February 5, 2024

EUROZONE T-BILL ISSUANCE

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

  • This morning, Spain will look to sell a combined E4.5-5.5bln of the 6-month/12-month letras: the 6-month Aug 9, 2024 letras and the new 12-month Feb 5, 2025 letras.
  • Also this 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 today, the ESM will look to sell up to E1.1bln of the new 3-month May 9, 2024 bills.
  • Tomorrow, 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 later today.

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