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W/C May 8, 2023

EUROZONE T-BILL ISSUANCE

Spain, Belgium, Finland, France and Italy are all still due to sell bills this week in addition to the German bubill auction yesterday. We look for issuance at first round operations of E29.2bln, around double last week's E14.7bln.

  • This morning, Spain will come to the market with to sell E4.5-5.5bln 6/12-month letras: the 6-month Nov 10, 2023 and the new 12-month May 10, 2024 letras.
  • Belgium will then look to sell E2.8-3.2bln of 4/12-month TCs: an indicative E1bln of the 4-month Sep 14, 2023 TC and an indicative E2bln of the new 12-month May 9, 2024 TC.
  • Finland will look to reopen up to E1bln of the 6-month Nov 13, 2023 RFTB and up to E1bln of the 9-month Feb 13, 2024 RFTB.
  • France will conclude today's issuance with up to E6.3bln of 12/23/49-week 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 E7.0bln of the new 12-month May 14, 2024 BOT on offer.

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