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W/C June 10, 2024

EUROZONE T-BILL ISSUANCE

Germany, France, Spain, Belgium and Italy are all due to sell bills next week. We expect issuance to be E22.2bln in first round operations, down from E24.1bln this week.

  • On Monday morning, Germany will look to sell E2bln of the 3-month Sep 18, 2024 bubill and E2bln of the 9-month Mar 19, 2025 bubill.
  • On Monday afternoon, France will come to the market to sell up to E7.5bln of 13/14/26/49-week BTFs. On offer will be E3.2-3.6bln of the new 13-week Sep 11, 2024 BTF, E0.2-0.6bln of the 14-week Sep 18, 2024 BTF, E1.4-1.8bln of the 26-week Dec 11, 2024 BTF and E1.1-1.5bln of the 49-week May 21, 2025 BTF.
  • On Tuesday morning, Spain will look to sell the 3-month Sep 6, 2024 letras and the 9-month Mar 7, 2025 letras. Details on size to be confirmed Monday 10 June.
  • Also on Tuesday morning, Belgium will look to issue an indicative E1.2bln (E1.0-1.4bln) of the 11-month May 8, 2025 TC.
  • Finally, on Wednesday, Italy will come to the market to sell E7.5bln of the new 12-month June 13, 2025 BOT.

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

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