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W/C June 3, 2024

EUROZONE ISSUANCE

Germany, the Netherlands, France, Spain, Belgium, Finland, the ESM, Greece and the EU are all due to sell bills this week. We expect issuance to be E24.8bln in first round operations, up from E18.9bln last week.

  • This morning, Germany will look to sell E2bln of the 6-month Dec 11, 2024 bubill.
  • Also this morning, the Netherlands will look to sell E1.0-1.5bln of the 4-month Sep 27, 2024 DTC and E1.0-2.0bln of the new 6-month Nov 28, 2024 DTC.
  • This afternoon, France will come to the market to sell up to E7.4bln of 12/25/27/50-week BTFs. On offer will be E3.0-3.4bln of the 12-week Aug 28, 2024 BTF, E0.0-0.4bln of the 25-week Nov 27, 2024 BTF, E1.5-1.9bln of the new 27-week Dec 11, 2024 BTF and E1.3-1.7bln of the 50-week May 21, 2025 BTF.
  • Tomorrow morning, Spain will look to sell the 6-month Dec 6, 2024 letras and the new 12-month Jun 4, 2025 letras, with the auction size to be announced on Monday.
  • Also tomorrow morning, Belgium will look to sell the 31-week Jan 9, 2025 TC. We expect details to be announced on Monday.
  • Tomorrow, Finland will come to the market to sell up to a combined E2bln of the 8-month Feb 13, 2025 RFTB and the new 11-month May 13, 2025 RFTB.
  • Finally tomorrow, the ESM will look to sell up to E1.1bln of the new 3-month Sep 5, 2024 bills.
  • On Wednesday, Greece will look to sell E500mln of the new 52-week Jun 6, 2025 GTB.
  • Finally on Wednesday, the EU will come to the market to sell up to E1.5bln of the 3-month Sep 6, 2024 EU-bill and up to E1.5bln of the new 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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