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W/C May 15, 2023

EUROZONE T-BILL ISSUANCE
MNI (London)

Germany, the Netherlands, France, Spain, the ESM and the EU will all look to sell bills next week. We look for issuance at first round operations of E18.3bln, down from this week's E29.1bln.

  • Germany will kick off eurozone bill issuance for the week on Monday, with E5bln of the 12-month May 15, 2024 bubill on offer.
  • The Netherlands will then look to sell E1-2bln of each of the 4-month Aug 30, 2023 DTC and the 6-month Oct 30, 2023 DTC.
  • On Monday afternoon, France will come to the market to sell up to E4.8bln of BTFs: E2.1-2.5bln of the new 13-week Aug 16, 2023 BTF, E1.4-1.8bln of the 22-week Oct 18, 2023 BTF, E0.1-0.5bln of the 28-week Nov 29, 2023 BTF and E1.1-1.5bln of the 48-week Apr 17, 2024 BTF.
  • On Tuesday, Spain will look to reopen the 3-month Aug 11, 2023 letras and the 9-month Feb 9, 2024 letras. Auction sizes will be announced on Monday.
  • The ESM will then come to the market with E1.1bln of the new 6-month bills on offer.
  • The EU will conclude eurozone bill issuance for the week on Wednesday. E1bln of each of the 3-month Aug 4, 2023 EU-bill and 6-month Nov 10, 2023 EU-bill will be on offer.

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