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W/C July 3, 2023 - Upcoming

EUROZONE T-BILL ISSUANCE
MNI (London)

Germany, the Netherlands, France, Spain, Belgium, Greece and the EU will look to sell bills this week. We look for issuance at first round operations of E24.2bln, up from this week's E18.8bln

  • On Monday, Germany will kick off bill issuance for the week E2bln of the 3-month Oct 18, 2023 bubill and E4bln of the 9-month Apr 17, 2024 bubill on offer.
  • The Netherlands will then look to sell E1-2bln of the 3-month Sep 28, 2023 DTC and E0-1bln of the 4-month Oct 30, 2023 DTC.
  • France will then come to the market in the afternoon with up to E6.4bln of BTFs on offer: E2.2-2.6bln of the 12-week Sep 27, 2023 BTF, E1.4-1.8bln of the new 23-week Dec 13, 2023 BTF and E1.6-2.0bln of the 49-week Jun 12, 2024 BTF.
  • On Tuesday, Spain will look to sell the 6-month Jan 12, 2024 letras and the new 12-month Jul 5, 2024 letras. Auction sizes will be announced on Monday.
  • Belgium will then come to the market with a combined E1.8-2.2bln of the Short Nov 9, 2023 TC and the Medium Jan 11, 2024 TC on offer (E1bln indicative for each).
  • On Wednesday, Greece will look to sell E625mln of the new 13-week GTB.
  • The EU will wrap up bill issuance for the week on Wednesday with up to E1.0bln of the 3-month Oct 6, 2023 EU-bill and up to E1.5bln of the new 6-month Jan 12, 2024 EU-bill on offer.

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

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