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W/C May 13, 2024

EUROZONE T-BILL ISSUANCE

Germany, France, Spain, Finland and Portugal are due to sell bills next week. We expect issuance to be E15.7bln in first round operations, down from E30.8bln this week.

  • On Monday morning, Germany will look to issue E3bln of the new 12-month May 14, 2025 bubill.
  • On Monday afternoon, France will look to issue up to E7.1bln of the 13/26/49-week BTFs: E3.2-3.6bln of the new 13-week Aug 14, 2024 BTF, E1.5-1.9bln of the 26-week Nov 14, 2024 BTF and E1.2-1.6bln of the 49-week Apr 24, 2025 BTF.
  • On Tuesday morning, Spain will look to sell the 3-month Aug 9, 2024 letras and the 9-month Feb 5, 2025 letras, with amounts to be confirmed on Monday.
  • Also on Tuesday, Finland will look to come to the market with up to a combined E2bln of the 6-month Nov 13, 2024 RFTB and the 9-month Feb 13, 2025 RFTB.
  • Finally on Wednesday, Portugal will look to sell a combined E1.25-1.50bln of the new 6-month Nov 22, 2024 BT and the new 12-month May 16, 2025 BT.

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

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