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W/C Mar 20, 2023

EUROZONE T-BILL ISSUANCE
MNI (London)

Germany, the Netherlands, France, Austria and the ESM all look to sell bills next week. We look for issuance at first round operations of E17.0bln, up from E15.1bln this week.

  • Germany will kick off eurozone bill issuance on Monday, with E5bln of the new 12-month Mar 20, 2024 bubill on offer.
  • The Netherlands will also come to the market on Monday, to reopen E1-2bln of the 3.5-month Jun 29, 2023 DTC and E1-2bln of the 5.5-month Aug 30, 2023 DTC.
  • France will conclude Monday's bill issuance with up to E6.2bln of 12/13/22/48-week BTFs on offer: E0-400mln of the 12-week Jun 14, 2023 BTF, E2.1-2.5bln of the new 13-week Jun 21, 2023 BTF, E1.2-1.6bln of the 22-week Aug 23, 2023 BTF and E1.1-1.5bln of the 48-week Feb 21, 2024 BTF.
  • On Tuesday, Austria will look to sell E1bln of the 4-month Jul 27, 2023 ATB and E1bln of the new 7-month Oct 27, 2023 ATB.
  • The ESM will then wrap up bill issuance for the week with E1.1bln of the new 6-month Sep 21, 2023 bills on offer.

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

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