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W/C Mar 27, 2023


Germany, France, Italy and Greece all look to sell bills this week. We look for issuance at first round operations of E20.2bln, up from E16.9bln last week.

  • Germany will kick off eurozone bill issuance on Monday, with E2bln of the 5-month Aug 23, 2023 bubill and E4bln of the 11-month Feb 21, 2024 bubill on offer.
  • France will then come to the market in the afternoon with up to E6.6bln of 11/12/21/51-week BTFs on offer: E100-500mln of the 11-week Jun 14, 2023 BTF, E2.3-2.7bln of the 12-week Jun 21, 2023 BTF, E1.2-1.6bln of the 21-week Aug 23, 2023 BTF and E1.4-1.8bln of the new 51-week Mar 20, 2023 BTF.
  • On Wednesday, Italy will look to reopen the 3-month Jul 14, 2023 BOT for E2bln and launch the new 6-month Sep 29, 2023 BOT for E5bln.
  • Greece will conclude bill issuance for the week on Wednesday, with E625mln of the new 26-week Sep 29, 2023 GTB on offer.

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

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