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W/C May 1, 2023

EUROZONE T-BILL ISSUANCE

The Netherlands, Belgium, the ESM, France, Greece and the EU will all look to issue bills next week, we look for issuance of E14.3bln at first round operations, down from E21.1bln this week.

  • The Netherlands will kick off issuance on Tuesday with E1-2bln of each of the 3-month Jul 28, 2023 DTC and the new 6-month Oct 30, 2023 DTC on offer.
  • Belgium will also look to issue Tuesday morning with E1.8-2.2bln of 4/6-month TCs on offer: an indicative E1bln of each of the 4-month Sep 13, 2023 TC and the 6-month Nov 9, 2023 TC.
  • The ESM will then look to sell up to E1.1bln of new 3-month Aug 3, 2023 bills.
  • France will conclude Tuesday's issuance with up to E6.2bln of 13/20/50-week BTFs: E2.3-2.7bln of the new 13-week Aug 2, 2023 BTF, E1.3-1.7bln of the 20-week Sep 29, 2023 BTF and E1.4-1.8bln of the 50-week Apr 17, 2024 BTF.
  • On Wednesday, Greece will look to sell E625mln of the new 13-week Aug 4, 2023 GTB.
  • The EU will then look to conclude bill issuance for the week later on Wednesday with up to E1.0bln of the 3-month Aug 4, 2023 EU-bill and up to E1.5bln of the new 6-month Nov 10, 2023 EU-bill on offer.

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

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