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W/C July 31, 2023

EUROZONE T-BILL ISSUANCE

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

  • This morning Belgium will look to sell E0.8-1.2bln of the 1-month Nov 9, 2023 TC.
  • Also today morning, the ESM will look to sell up to E1.1bln of the new 3-month Nov 9, 2023 bills.
  • Tomorrow morning, Greece will look to sell E625mln of the new 13-week Nov 3, 2023 GTB.
  • Also tomorrow, 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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