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W/C June 17, 2024

EUROZONE T-BILL ISSUANCE

Germany, the Netherlands, France, the ESM, Portugal, and the EU are all due to sell bills next week. We expect issuance to be E18.1bln in first round operations, down from E22.2bln this week.

  • On Monday morning, Germany will look to sell E3bln of the new 12-month Jun 18, 2025 bubill.
  • Also on Monday morning, the Netherlands will look to issue E1.0-1.5bln of the 2.5-month Aug 29, 2024 DTC and E1.0-1.5bln of the 5.5-month Nov 28, 2024 DTC.
  • On Monday afternoon, France will come to the market to sell up to E7.4bln of 12/26/40/52- week BTFs. On offer will be E3.1-3.5bln of the 12-week Sep 11, 2024 BTF, E1.2-1.6bln of the 26-week Dec 18, 2024 BTF, E0.4-0.8bln of the 40-week Mar 26, 2025 BTF and E1.1-1.5bln of the new 52-week Jun 18, 2025 BTF.
  • On Tuesday, the ESM will look to sell up to E1.1bln of the new 6-month Dec 19, 2024 bills.
  • On Wednesday Portugal will look to issue a combined E1.25-1.50bln of the 3-month Sep 20, 2024 BT and 11-month May 16, 2025 BT.
  • Finally on Wednesday, the EU will look to sell up to E1.5bln of the 3-month Sep 6, 2024 EU-bill and up to E1.5bln of the 6-month Dec 6, 2024 EU-bill.

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

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