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W/C July 22, 2024

EUROZONE T-BILL ISSUANCE

Germany, France, Austria, Greece and Italy are due to sell bills next week. We expect issuance to be E21.5bln in first round operations, up from E18.2bln this week.

  • On Monday morning, Germany will come to the market to sell E2bln of the 5-month Dec 11, 2024 bubill and E3bln of the 11-month Jun 18, 2025 bubill.
  • On Monday afternoon, France will look to sell up to E8bln of the 13/16/25/51-week BTFs: E3.3-3.7bln of the new 13-week Oct 23, 2024 BTF, E0.2-0.6bln of the 16-week Nov 14, 2024 BTF, E1.5-1.9bln of the 25-week Jan 15, 2025 BTF and E1.4-1.8bln of the 51-week Jul 17, 2025 BTF. We note that this is a larger-than-usual BTF auction.
  • On Tuesday, Austria will sell E1bln of the 3-month Oct 31, 2024 ATB and E1bln of the 6-month Jan 30, 2025 ATB.
  • On Wednesday, Greece will come to the market to sell E500mln of the new 26-week Jan 24, 2025 GTB.
  • Finally, on Friday Italy will issue a new 6-month BOT. Details and the size will be confirmed on Tuesday.


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

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