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W/C May 8, 2023

EUROZONE T-BILL ISSUANCE
MNI (London)

Germany, Spain, Belgium, Finland, France and Italy will look to sell bills next week. We look for issuance at first round operations of E28.7bln, up from this week's E14.7bln.

  • Germany will kick off issuance for the week on Monday, with E2bln of the 3-month Aug 23, 2023 bubill and E4bln of the 9-month Feb 21, 2024 bubill on offer.
  • On Tuesday, Spain will come to the market with 6-month Nov 10, 2023 and new 12-month May 10, 2024 letras on offer. Auction sizes will be announced on Monday.
  • Belgium will then look to sell E1bln of the Short Sep 14, 2023 TC and E2bln of the new Long May 9, 2024 TC.
  • Then Finland will reopen E1bln of the 6-month Nov 13, 2023 RFTB and E1bln of the 9-month Feb 13, 2024 RFTB.
  • France will conclude Tuesday's round of issuance with up to E6.3bln of BTFs on offer: E2.2-2.6bln of the 12-week Aug 2, 2023 BTF, E1.3-1.7bln of the new 23-week Oct 18, 2023 BTF and E1.6-2.0bln of the 49-week Apr 17, 2024 BTF.
  • On Wednesday, Italy will wrap up eurozone bill issuance for with week, with a new 12-month BOT on offer. Details will be announced this evening.

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