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W/C May 20, 2024

EUROZONE T-BILL ISSUANCE

Austria, the Netherlands, the ESM, France and the EU are due to sell bills this week. We expect issuance to be E16.3bln in first round operations, up from E15.2bln last week.

  • This morning, Austria will look to sell E1.75bln of the 3-month Aug 29, 2024 Green ATB and E1bln of the 5-month Oct 31, 2024 ATB.
  • Also today, the Netherlands will look to issue E1.0-1.5bln of the 2.5-month Jul 30, 2024 DTC and E1.0-1.5bln of the 5.5-month Oct 30, 2024 DTC.
  • Thirdly today, the ESM will look to come to the market with up to E1.1bln of the new 6-month Nov 21, 2024 bills.
  • Finally this afternoon, France will look to sell up to E7.5bln of the 11/12/24/51-week BTFs: E0.1-0.5bln of the 11-week Aug 7, 2024 BTF, E3.1-3.5bln of the 12-week Aug 14, 2024 BTF, E1.3-1.7bln of the 24-week Nov 14, 2024 BTF, and E1.4-1.8bln of the new 51-week May 21, 2025 BTF.
  • Tomorrow, the EU will look to sell up to E1.5bln of the 3-month Aug 9, 2024 EU-bill and E1.5bln of the 6-month Nov 8, 2024 EU-bill.

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Austria, the Netherlands, the ESM, France and the EU are due to sell bills this week. We expect issuance to be E16.3bln in first round operations, up from E15.2bln last week.

  • This morning, Austria will look to sell E1.75bln of the 3-month Aug 29, 2024 Green ATB and E1bln of the 5-month Oct 31, 2024 ATB.
  • Also today, the Netherlands will look to issue E1.0-1.5bln of the 2.5-month Jul 30, 2024 DTC and E1.0-1.5bln of the 5.5-month Oct 30, 2024 DTC.
  • Thirdly today, the ESM will look to come to the market with up to E1.1bln of the new 6-month Nov 21, 2024 bills.
  • Finally this afternoon, France will look to sell up to E7.5bln of the 11/12/24/51-week BTFs: E0.1-0.5bln of the 11-week Aug 7, 2024 BTF, E3.1-3.5bln of the 12-week Aug 14, 2024 BTF, E1.3-1.7bln of the 24-week Nov 14, 2024 BTF, and E1.4-1.8bln of the new 51-week May 21, 2025 BTF.
  • Tomorrow, the EU will look to sell up to E1.5bln of the 3-month Aug 9, 2024 EU-bill and E1.5bln of the 6-month Nov 8, 2024 EU-bill.

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