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W/C November 13, 2023

EUROZONE T-BILL ISSUANCE

Germany, France, Spain, Finland, and Portugal are all due to sell bills next week. We expect issuance to be E16.1bn in first round operations, down from E26.3bn this week.

  • On Monday morning, Germany will look to sell E2bln of the 5-month Apr 17, 2024 bubill and E2bln of the 11-month Oct 16, 2024 bubill.
  • On Monday afternoon, France will look to sell up to E6.8bln of 13/20/38/50 week BTFs: E2.5-2.9bln of the new 13-week Feb 14, 2024 BTF, E1.2-1.6bln of the 20-week Apr 4, 2024 BTF, E0.1-0.5bln of the 38-week Aug 7, 2024 BTF, and E1.4-1.8bln of the 50-week Oct 30, 2024 BTF.
  • On Tuesday morning, Spain will look to sell the 3-month Feb 9, 2024 letras and the 9-month Aug 9, 2024 letras, with details to be announced on Monday.
  • Also on Tuesday, Finland will look to sell up to E1bln of the 6-month May 14, 2024 RFTB and up to E1bln of the 9-month Aug 13, 2024 RFTB
  • Finally, on Wednesday, Portugal will look to sell a combined E1.00-1.25bln of the new 6-month May 17, 2024 BT and the new 12-month Nov 15, 2024 BT (IGCP is yet to confirm this auction).

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