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W/C January 15, 2024

EUROZONE T-BILL ISSUANCE

Portugal, and the EU are still due to sell bills this week while Germany, the Netherlands, France, and Spain have all come to the market this week. We expect issuance to be E18.0bln in first round operations, down from E30.8bln last week.

  • Today, Portugal will look to issue a combined E1.75-2.00bln of 2/6/12-month BTs. In addition to the scheduled 6-month Jul 19, 2024 BT and the new 12-month Jan 17, 2025 BT, the 2-month Mar 15, 2024 BT will be reopened "in order to promote market liquidity of the Treasury Bill’s 2-month line."
  • Also today, 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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