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W/C July 10, 2023

EUROZONE T-BILL ISSUANCE

Germany, France, Spain, Belgium and Italy all look to sell bills this week. We look for E23.7bln of issuance in first round operations, broadly in line with the E23.5bln last week.

  • Germany will kick off issuance for the week on Monday morning with E5bln of the 6-month Jan 17, 2024 bubill on offer.
  • On Monday afternoon France will look to sell up to E5.8bln of 13/22/48-week BTFs: E2.0-2.4bln of the new 13-week Oct 11, 2023 BTF, E1.1-1.5bln of the 22-week Dec 13, 2023 BTF and E1.5-1.9bln of the 48-week Jun 12, 2024 BTF.
  • Spain will come to the market on Tuesday with 3/9-month letras on offer with the amount to be confirmed on Monday. On offer will be 3-month Oct 6, 2023 letras and 9-month Apr 12, 2024 letras.
  • Also Tuesday, Belgium will look to sell a combined E2.8-3.2bln of 4/6-month TCs: an indicative E1bln of the Nov 9, 2023 TC and an indicative E2bln of the new Jul 11, 2024 TC.
  • Italy will look to conclude Eurozone bill issuance for the week on Wednesday with E8.0bln of the new 12-month Jul 12, 2024 BOT on offer - the largest single line BOT auction of the year.

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