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W/C March 4, 2024

EUROZONE T-BILL ISSUANCE

Germany, the Netherlands, France, Spain, Belgium, the ESM, Greece, and the EU are due to sell bills this week. We expect issuance to be E22.4bln in first round operations, up from E20.1bln last week.

  • This morning, Germany will look to sell E2bln of the 6-month Sep 18, 2024 bubill.
  • Also this morning, the Netherlands will look to issueE1.0-1.5bln of the 4-month Jun 27, 2024 DTC and E1.0-1.5bln of the new 6-month Aug 29, 2024 DTC.
  • This afternoon, France will look to come to the market with E7.5bln of the 13/22/24/51 week BTFs: E3.0-3.4bln of the new 13-week Jun 5, 2024 BTF, E0.1-0.5bln of the 22-week Aug 7,2024 BTF, E1.4-1.8bln of the 24-week Aug 21,2024 BTF and E1.4-1.8bln of the 51-week Feb 26, 2025 BTF.
  • Tomorrow morning Spain will look to sell the 6-month Sep 6, 2024 letras and the new 12-month Mar 5, 2025 letras, with auction size to be confirmed on Monday 4th March.
  • Also tomorrow morning, Belgium will look to issue an indicative E1.0bln of the 5-month Jul 11, 2024 TC (range E0.8-1.2bn).
  • Finally tomorrow, the ESM will look to sell up to E1.1bln of the new 3-month Jun 6, 2024 bills.
  • On Wednesday, Greece will look to sell E625mln of the new 52-week Mar 7, 2025 GTB.
  • Also on Wednesday, the EU will look to issue up to E1.5bln of the 3-month Jun 7, 2024 EU-bill and up to E1.5bln of the new 6-month Sep 9, 2024 EU-bill.

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

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Germany, the Netherlands, France, Spain, Belgium, the ESM, Greece, and the EU are due to sell bills this week. We expect issuance to be E22.4bln in first round operations, up from E20.1bln last week.

  • This morning, Germany will look to sell E2bln of the 6-month Sep 18, 2024 bubill.
  • Also this morning, the Netherlands will look to issueE1.0-1.5bln of the 4-month Jun 27, 2024 DTC and E1.0-1.5bln of the new 6-month Aug 29, 2024 DTC.
  • This afternoon, France will look to come to the market with E7.5bln of the 13/22/24/51 week BTFs: E3.0-3.4bln of the new 13-week Jun 5, 2024 BTF, E0.1-0.5bln of the 22-week Aug 7,2024 BTF, E1.4-1.8bln of the 24-week Aug 21,2024 BTF and E1.4-1.8bln of the 51-week Feb 26, 2025 BTF.
  • Tomorrow morning Spain will look to sell the 6-month Sep 6, 2024 letras and the new 12-month Mar 5, 2025 letras, with auction size to be confirmed on Monday 4th March.
  • Also tomorrow morning, Belgium will look to issue an indicative E1.0bln of the 5-month Jul 11, 2024 TC (range E0.8-1.2bn).
  • Finally tomorrow, the ESM will look to sell up to E1.1bln of the new 3-month Jun 6, 2024 bills.
  • On Wednesday, Greece will look to sell E625mln of the new 52-week Mar 7, 2025 GTB.
  • Also on Wednesday, the EU will look to issue up to E1.5bln of the 3-month Jun 7, 2024 EU-bill and up to E1.5bln of the new 6-month Sep 9, 2024 EU-bill.

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