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W/C January 15, 2024


Germany, the Netherlands, France, Spain, Portugal, and the EU are due to sell bills next week. We expect issuance to be E18.1bln in first round operations, down from E30.8bln this week.

  • On Monday morning, Germany will look to sell E3bln of the new 12-month Jan 15, 2025 bubill.
  • Also on Monday morning, the Netherlands will look to sell E1.0-2.0bln of the 3.5-month Apr 29, 2024 DTC and E1.0-2.0bln of the 5.5-month Jun 27, 2024 DTC.
  • On Monday afternoon, France will look to sell up to E6.3bln of 12/27/50-week BTFs: E2.6-3.0bln of the 12-week Apr 10, 2024 BTF, E1.3-1.7bln of the new 27-week Jul 24, 2024 BTF and E1.2-1.6bln of the 50-week Jan 2, 2025 BTF.
  • On Tuesday, Spain will look to sell the 3-month Apr 12, 2024 letras and the 9-month Oct 4, 2024 letras, with details to be announced Monday.
  • On Wednesday, Portugal will look to issue a combined E1.50-1.75bln of the 6-month Jul 19, 2024 BT and the new 12-month Jan 17, 2025 BT.
  • Finally on Wednesday, the EU will look to sell up to E1.0bln of the 3-month Apr 5, 2024 EU-bill and up to E1.5bln of the new 6-month Jul 5, 2024 EU-bill.

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