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W/C Jan 9, 2023

EUROZONE T-BILL ISSUANCE

Germany, the Netherlands, France, Spain, Belgium, Finland and Italy are all scheduled to sell bills next week. We look for E28.6bln at first round operations, over double the E13.2bln sold this week.

  • Germany will look to sell E3bln of the 6-month Jul 19, 2023 bubill on Monday morning.
  • Also Monday morning, the Netherlands will look to sell E1-2bln of the 3-month Mar 30, 2023 DTC alongside E1-2bln of the 5-month May 30, 2023 DTC.
  • Monday afternoon will see France look to sell up to E6.3bln of 13/20/46-week BTFs: E2.6-3.0bln of the new 13-week Apr 13, 2023 BTF, E1.2-1.6bln of the 20-week Jun 1, 2023 BTF, E1.3-1.7bln of the 46-week Nov 29, 2023 BTF
  • On Tuesday, Spain will look to sell 6/9-month letras with the amount on offer to be confirmed on Monday: 6-month Jul 7, 2023 letras and new 12-month Jan 12, 2024 letras.
  • Also Tuesday, Belgium will look to sell E3.0-3.4bln of 4/12-month TCs: an indicative E1.2bln of the Mar 9, 2023 TC and an indicative E2.0bln of the new Jan 11, 2024 TC.
  • Finally on Tuesday, Finland will look to sell up to E1bln of each of the 7-month Aug 14, 2023 RFTB and the new 10-month Nov 13, 2023 RFTB.
  • Italy will draw Eurozone bill issuance to a close on Wednesday with E7bln of the new 12-month E7bln BOT on offer.

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