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W/C July 17, 2023

EUROZONE T-BILL ISSUANCE

Germany, the Netherlands, France, ESM, Portugal and the EU are all due to sell bills next week. We expect issuance to be E15.0bln in the week ahead, down from E23.8bln this week.

  • Germany will look to sell E4bln of the new 12-month Jul 17, 2024 bubill on Monday morning.
  • Also Monday morning, the Netherlands will look to sell E1-2bln of the 3.5-month Oct 30, 2023 DTC.
  • On Monday afternoon, France will look to sell up to E5.8bln of 12/21/51-week BTFs: E1.8-2.2bln of the 12-week Oct 11, 2023 BTF, E1.2-1.6bln of the 21-week Dec 13, 2023 BTF and E1.6-2.0bln of the new 51-week Jul 10, 2024 BTF.
  • On Tuesday, the ESM will look to sell up to E1.1bln of the new 6-month Jan 25, 2024 bills
  • On Wednesday, Portugal will look to sell E1.00-1.25bln of the 6-month Jan 19, 2024 BT and the new 12-month Jul 19, 2024 BT.
  • Also Wednesday, the EU will look to sell up to E1bln of each of the 3-month Oct 6, 2023 EU-bill and the 6-month Jan 12, 2024 EU-bill.

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