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W/C Jan 9, 2023

EUROZONE T-BILL ISSUANCE

Spain, Belgium, Finland and Italy are all still scheduled to sell bills this week. Germany, the Netherlands and France came to the market yesterday. We look for E30.5bln at first round operations, over double the E13.2bln sold this week.

  • This morning, Spain will look to sell E4.5-5.5bln 6/9-month letras with the following on offer: 6-month Jul 7, 2023 letras and new 12-month Jan 12, 2024 letras.
  • Also this morning, 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 today, 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 tomorrow on Wednesday with E7bln of the new 12-month E7bln BOT on offer.

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