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W/C July 1, 2024

EUROZONE T-BILL ISSUANCE

Spain, Belgium and the ESM are all due to sell bills today, while Germany and France have already come to the market this week. We expect issuance to be E21.7bln in first round operations this week, up from E18.2bln last week.

  • This morning, Spain will issue a combined E4.5-5.5bln of the 6-month Jan 10, 2025 letras and the new 12-month Jul 2, 2025 letras.
  • Also this morning, 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 today, the ESM will sell up to E1.1bln of the new 3-month Oct 3, 2024 bills.

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



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