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W/C July 10, 2023

EUROZONE T-BILL ISSUANCE

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

  • 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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