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W/C January 8, 2024

EUROZONE T-BILL ISSUANCE

Germany, the Netherlands, France, Spain, Belgium, Finland, the ESM and Italy are due to sell bills next week. We expect issuance to be E30.6bln in first round operations, up from E9.1bln this week.

  • On Monday morning, Germany will look to issue E2bln of the 6-month 17 Jul, 2024 bubill.
  • Also on Monday morning, the Netherlands will look to sell E1-2bln of the 2.5-month Mar 27, 2024 DTC and E1-2bln of the new 5.5-month Jun 27, 2024 DTC.
  • On Monday afternoon, France will look to sell up to E6.5bln of 13/20/38/51-week BTFs: E2.4-2.8bln of the new 13-week Apr 10, 2024 BTF, E1.2-1.6bln of the 20-week May 29, 2024 BTF, E0.1-0.5bln of the 38-week Oct 2, 2024 BTF, and E1.2-1.6bln of the 51-week Jan 2, 2025 BTF.
  • On Tuesday morning, Spain will look to sell the the 6-month Jul 5, 2024 letras and the new 12-month Jan 10, 2025 letras, with details to be announced on Monday.
  • Also on Tuesday morning, Belgium will look to sell a combined E2.8-3.2bln of 4/12-month TCs: an indicative E1.0bln of the May 9, 2024 TC and an indicative E2.0bln of the new Jan 9, 2025 TC.
  • On Tuesday, Finland will look to sell up to E1bln of the 7-month Aug 13, 2024 RFTB and up to E1bln of the new 10-month Nov 13, 2024 RFTB.
  • Finally on Tuesday, the ESM will look to sell up to E1.1bln of the new 3-month Apr 4, 2024 bills.
  • On Wednesday, Italy will look to sell a new 12-month BOT, with details to be confirmed later this evening.

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