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W/C January 22, 2024

EUROZONE T-BILL ISSUANCE

Germany, France, Austria, the ESM, Greece, the EU, and Italy are due to sell bills next week. We expect issuance to be E23.8bln in first round operations, up from E18.0bln this week.

  • On Monday morning, Germany will look to sell E2bln of the 3-month Apr 17, 2024 bubill and E2bln of the 9-month Oct 16, 2024 bubill.
  • On Monday afternoon, France will look to issue up to E6.4bln of 13/24/26/49-week BTFs: E2.6-3.0bln of the new 13-week Apr 24, 2024 BTF, E0.1-0.5bln of the 24-week Jul 10, 2024 BTF, E0.9-1.3bln of the 26-week Jul 24, 2024 BTF, and E1.2-1.6bln of the 49-week Jan 2, 2025 BTF.
  • On Tuesday morning, Austria will look to come to the market with E1.0bln of the 3-month Apr 25, 2024 ATB and E1.0bln of the new 5-month Jul 25, 2024 ATB.
  • On Tuesday, the ESM will look to sell up to E1.1bln of the new 6-month Jul 18, 2024 bills.
  • On Wednesday morning, Greece will offer E625mln of the new 26-week Jul 26, 2024 GTB.
  • On Wednesday afternoon, the EU will look to sell up to E1.0bln of the 3-month Apr 5, 2024 EU-bill and up to E1.0bln of the 6-month Jul 5, 2024 EU-bill.
  • Finally, on Friday, Italy will conclude issuance for the week, selling a new 6-month BOT, with details to be confirmed on Tuesday.

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