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W/C May 6, 2024

EUROZONE T-BILL ISSUANCE

Spain, Belgium, the ESM, the EU and Italy are all stull due to sell bills this week while Germany, the Netherlands and France came to the market yesterday. We expect issuance to be E30.5bln in first round operations, up from E12.9bln last week.

  • This morning, Spain will look to sell E4.5-5.5bln combined of the 6-month Nov 8, 2024 letras and the new 12-month May 7, 2025 letras.
  • Also this morning, Belgium will look to issue an indicative E2.0bln (E1.8-2.0bln range) of the new 12-month May 8, 2025 TC.
  • Finally today, the ESM will look to sell up to E1.1bln of the new 3-month Aug 8, 2024 bills.
  • Tomorrow, the EU will look to issue up to E1.5bln of the 3-month Aug 9, 2024 EU-bill and E1.5bln of the new 6-month Nov 8, 2024 EU-bill.
  • On Thursday, Italy will look to sell E7.5bln of the new 12-month May 14, 2025 BOT.

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

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