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W/C November 20, 2023

EUROZONE T-BILL ISSUANCE

The ESM and the EU are both still due to sell bills this week while Germany, the Netherlands and France came to the market yesterday. We expect issuance to be E16.5bln in first round operations, up from E14.5bln last week.

  • Today, the ESM will look to sell up to E1.1bln of the new 6-month 23 May, 2024 bills
  • Tomorrow, the EU will look to sell up to E1.0bln of the 3-month Feb 9, 2024 EU-bill and up to E1.0bln of the 6-month May 10, 2024 EU-bill.

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