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W/C July 1, 2024

EUROZONE T-BILL ISSUANCE

Germany, France, Spain, Belgium, the ESM, Greece and the EU are all due to sell bills next week. We expect issuance to be E21.7bln, up from E18.2bln this week.

  • On Monday morning, Germany will look to sell E3bln of the 6-month Jan 15, 2025 bubill.
  • On Monday afternoon, France will come to the market to sell up to E7.2bln of 12/21/28/50-week BTFs: On offer will be E3.2-3.6bln of the 12-week Sep 25, 2024 BTF, E0.2-0.6bln of the 21-week Nov 27, 2024 BTF, E1.3-1.7bln of the new 28-week Jan 15, 2025 BTF and E0.9-1.3bln of the 50-week Jun 18, 2025 BTF.
  • On Tuesday morning, Spain will issue the 6-month Jan 10, 2025 letras and the new 12-month Jul 2, 2025 letras. Details will be announced on Monday.
  • Also on Tuesday, Belgium will look to sell E1bln of the 18-week Nov 7, 2024 TC and E1.2bln of the 27-week Jan 9, 2025 TC.
  • Finally on Tuesday, the ESM will sell up to E1.1bln of the new 3-month Oct 3, 2024 bills.
  • On Wednesday, Greece will issue E500mln of the new 13-week Oct 4, 2024 GTB.
  • Finally, the EU will conclude issuance for the week on Wednesday with up to E1.5bln of the 3-month Oct 4, 2024 EU-bill and up to E1.5bln of the new 6-month Jan 10, 2025 EU-bill.

For more on future auctions see the full MNI Eurozone/UK T-bill auction calendar here.

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