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W/C July 8, 2024

EUROZONE T-BILL ISSUANCE

Germany, France, Spain, Belgium and Italy are all due to sell bills next week. We expect issuance to be E24.3bln, up from E21.8bln this week.

  • On Monday morning, Germany will look to sell E2bln of the 3-month Oct 16, 2024 bubill and E2bln of the 9-month Apr 16, 2025 bubill.
  • On Monday afternoon, France will come to the market to sell up to E7.3bln of the 8/13/27/49-week BTFs: On offer will be E0.1-0.5bln of the new 8-week Sep 4, 2024 BTF, E3.2-3.6bln of the new 13-week Oct 9, 2024 BTF, E1.1-1.5bln of the 27-week Jan 15, 2025 BTF and E1.3-1.7bln of the 49-week Jun 18, 2025 BTF.
  • On Tuesday morning, Spain will issue the 3-month Oct 4, 2024 letras and the 9-month Apr 11, 2025 letras. The amount will be announced on Monday.
  • Also on Tuesday, Belgium will sell a combined E2.8-3.2bln of 4/12-months TCs: an indicitive E1bln of the 4-month Nov 7, 2024 TC and an indicitive E2bln of the new 12-month Jul 10, 2025 TC.
  • On Wednesday, Italy will conclude issuance for the week selling E8bln of the new 12-month Jul 14, 2025 BOT.

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

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