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W/C November 27, 2023

EUROZONE T-BILL ISSUANCE

Germany, France, Austria, Italy, and Greece are all due to sell bills this week. We expect issuance to be E21.3bln in first round operations, up from E16.5bln last week.

  • This morning, Germany will look to sell E2bln of the 3-month Mar 20, 2024 bubill and E2bln of the 9-month Sep 18, 2024 bubill.
  • This afternoon, France will come to the market to sell up to E6.7bln of 5/13/22/48-week BTFs: E0-400mln of the 5-week Jan 4, 2024 BTF, E2.6-3.0bln of the new 13-week Feb 28, 2024 BTF, E1.3-1.7bln of the 22-week May 2, 2024 BTF, and E1.2-1.6bln of the 48-week Oct 30, 2024 BTF.
  • Tomorrow, Austria will look to sell E750mln of the 2-month Jan 25, 2024 ATB and E1.75bln of the 3-month Feb 29, 2024 Green ATB.
  • Also tomorrow, Italy will offer E7.5bln of the new 6-month May 31, 2024 BOT.
  • On Wednesday, Greece will conclude issuance for the week, selling E625mln of the new 26-week May 31, 2024 GTB.

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