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W/C November 20, 2023


Germany, the Netherlands, France, the ESM and the EU are all due to sell bills next week. We expect issuance to be E15.5bln in first round operations, up from E14.5bln this week.

  • On Monday morning, Germany will look to sell E3bln of the new 12-month Nov 20, 2024 bubill.
  • Also on Monday morning, the Netherlands will look to sell E1.5-2.5bln of the 2.5-month Jan 30, 2024 DTC and E1.0-2.0bln of the 5.5-month Apr 29, 2024 DTC.
  • On Monday afternoon, France will look to sell up to E6.5bln of 12/23/49-week BTFs: E2.4-2.8bln of the 12-week Feb 14, 2024 BTF, E1.4-1.8bln of the new 23-week May 2, 2024 BTF and E1.5-1.9bln of the 49-week Oct 30, 2024 BTF.
  • On Tuesday, the ESM will look to sell up to E1.1bln of the new 6-month 23 May, 2024 bills
  • Finally on Wednesday, the EU will look to sell up to E1.0bln of the 3-month Feb 9, 2024 EU-bill and E1.0bln of the 6-month May 10, 2024 EU-bill.

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