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W/C July 31, 2023

EUROZONE T-BILL ISSUANCE

France, Belgium, Greece, the ESM and the EU are all due to sell bills this week. We expect issuance to be E11.0bln at first round operations in the week ahead, up from E21.5bln last week.

  • This afternoon, France will look to sell up to E6.2bln of 12/23/49 week BTFs: E2.1-2.5bln of the 12-week Oct 25, 2023 BTF, E1.4-1.8bln of the new 23-week Jan 10, 2024 BTF and E1.5-1.9bln of the 49-week Jul 10, 2024 BTF.
  • Tomorrow morning, Belgium will look to sell E0.8-1.2bln of the 1-month Nov 9, 2023 TC.
  • Also tomorrow morning, the ESM will look to sell up to E1.1bln of the new 3-month Nov 9, 2023 bills.
  • On Wednesday morning, Greece will look to sell E625mln of the new 13-week Nov 3, 2023 GTB.
  • Also on Wednesday morning, the EU will look to sell up to E1.0bln of the 3-month Nov 10, 2023 EU-bill and up to E1.5bln of the new 6-month Feb 9, 2024 EU-bill.

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