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W/C Mar 13, 2023

EUROZONE T-BILL ISSUANCE

Germany, France, Spain, Finland, Portugal and the EU all look to sell bills next week. We look for issuance at first round operations of E16.2bln, down from E29.9bln this week.

  • Germany will kick issuance off on Monday morning for the week with E3bln of the 6-month Sep 20, 2023 bubill on offer.
  • France will look to sell up to a combined E6.0bln of 12/23/49-week BTFs on Monday afternoon: E2.3-2.7bln of the 12-week Jun 3, 2023 BTF, E1.3-1.7bln of the new 23-week Aug 23, 2023 BTF and E1.2-1.6bln of the 49-week Feb 21, 2024 BTF.
  • On Tuesday, Spain will look to sell 3-month Jun 9, 2023 letras and 9-month Dec 8, 2023 letras. The auction size will be confirmed on Monday.
  • Also Tuesday, Finland will look to sell up to E1bln of the 8-month Nov 13, 2023 RFTB and up to E1bln of the new 11-month Feb 13, 2024 RFTB.
  • On Wednesday, Portugal will look to sell a combined E1.25-1.50bln of the 6-month Sep 22, 2023 BT and the new 12-month Mar 15, 2024 BT.
  • Later on Wednesday, the EU will look to sell up to E1bln of the 3-month Jun 9, 2023 EU-bill and up to E1bln of the 6-month Sep 8, 2023 EU-bill.

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