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W/C July 24, 2023

EUROZONE T-BILL ISSUANCE

Germany, France, Austria, Greece and Italy are all due to sell bills this week. We expect issuance to be E21.5bln in the week ahead at first round operations, up from E15.6bln last week.

  • Germany will look to sell E2bln of the 5-month Dec 13, 2023 bubill and E3bln of the 11-month Jun 19, 2023 bubill this morning.
  • This afternoon, France will look to sell up to E6.4bln of 13/20/34/50-week BTFs: E1.9-2.3bln of the new 13-week Oct 25, 2023 BTF, E1.3-1.7bln of the 20-week Dec 13, 2023 BTF, E0-400mln of the 34-week Mar 20, 2024 BTF and E1.6-2.0bln of the 50-week Jul 10, 2024 BTF.
  • Austria will look to sell E1bln of the 3-month Oct 27, 2023 ATB and E1bln of the 6-month Jan 25, 2024 ATB tomorrow morning.
  • On Wednesday morning, Greece will look to sell E625mln of the new 26-week Jan 26, 2024 GTB.
  • Also Wednesday, Italy will look to sell E5.5bln of the new 6-month Jan 31, 2024 BOT alongside a reopening for E2.0bln of the 8-month Apr 12, 2024 BOT.

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