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W/C November 6, 2023


Germany, the Netherlands, France, Spain, Belgium, the ESM, the EU and Italy are all due to sell bills next week. We expect issuance to be E25.4bln in first round operations, up from E13.0bln this week.

  • On Monday morning, Germany will look to sell E2bln of the 6-month May 15, 2024 bubill.
  • Also on Monday morning, Netherlands will look to sell E1.0-1.5bln of the 4-month Feb 28, 2024 DTC and E1.0-2.0bln of the new 6-month Apr 29, 2024 DTC.
  • On Monday afternoon, France will look to sell up to E6.6bln of 12/21/23/51 week BTFs: E2.0-2.4bln of the 12-week Jan 31, 2024 BTF, E1.4-1.8bln of the 21-week Apr 3, 2024 BTF, E0.3-0.7bln of the 23-week Apr 17, 2024 BTF and E1.3-1.7bln of the new 51-week Oct 30, 2024 BTF.
  • On Tuesday morning, Spain will look to sell the 6-month May 10, 2024 letras and the new 12-month Nov 8, 2024 letras, with details to be announced on Monday.
  • Also on Tuesday morning, Belgium will look to sell E0.8-1.2bln of the 4-month Mar 7, 2024 TC.
  • Finally on Tuesday, the ESM will look to sell up to E1.1bln of the new 3-month Feb 8, 2024 bills.
  • On Wednesday, the EU will look to sell up to E1.0bln of the 3-month Feb 9, 2024 EU-bill and up to E1.5bln of the new 6-month May 10, 2024 EU-bill.
  • Finally on Thursday, Italy will look to sell the new 12-month BOT, with details to be announced Monday evening.

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