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W/C May 15, 2023

EUROZONE T-BILL ISSUANCE

Spain, the ESM and the EU all still look to sell bills this week while Germany, the Netherlands and France all came to the market yesterday. We look for issuance at first round operations of E18.8bln, down from last week's E29.1bln.

  • This morning, Spain will look to reopen E1.5-2.5bln combined of the 3-month Aug 11, 2023 letras and the 9-month Feb 9, 2024 letras.
  • The ESM will then come to the market with up to E1.1bln of the new 6-month bills on offer.
  • The EU will conclude eurozone bill issuance for the week on Wednesday. Up to 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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