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W/C November 13, 2023


Germany, France, Spain, Finland, and Portugal are all due to sell bills this week. We expect issuance to be E14.9bn in first round operations, down from E26.3bn last week.

  • This 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.
  • This 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.
  • Tomorrow 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 tomorrow, 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

Portugal announced on Friday afternoon that it had cancelled its 6/12-month BT auction, originally scheduled for Wednesday.

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