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W/C January 8, 2024

EUROZONE T-BILL ISSUANCE

Spain, Belgium, Finland, the ESM and Italy are all still due to sell bills this week, while Germany, the Netherlands, and France have already come to the market this week. We expect issuance to be E30.5bln in first round operations, up from E9.1bln last week.

  • This morning, Spain will look to sell a combined E4.5-5.5bln of the 6/12 month letras: the 6-month Jul 5, 2024 letras and the new 12-month Jan 10, 2025 letras.
  • Also this 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.
  • Today, 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 today, the ESM will look to sell up to E1.1bln of the new 3-month Apr 4, 2024 bills.
  • Tomorrow, Italy will look to sell E8bln of the new 12-month Jan 14, 2025 BOT.

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