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W/C October 16, 2023

EUROZONE T-BILL ISSUANCE

Germany, the Netherlands, France, Spain, the ESM and the EU are all due to sell bills this week. We expect issuance to be E17.2bln, up from E16.5bln last week.

  • This morning, Germany will look to sell E3bln of the new 12-month Oct 16, 2024 bubill.
  • Also this morning, the Netherlands will look to sell E1.0-1.5bln of the 3.5-month Jan 30, 2024 DTC and E1.0-2.0bln of the 5.5-month Mar 27, 2024 DTC.
  • This afternoon, France will look to sell up to E6.8bln of 3/13/20/50-week BTFs: E0.2-0.6bln of the new 3-week Nov 8, 2023 BTF; E2.6-3.0bln of the new 13-week Jan 17, 2024 BTF; E1.4-1.8bln of the 20-week Mar 6, 2024 BTF; E1.0-1.4bln of the 50-week Oct 2, 2024 BTF.
  • Tomorrow, Spain will look to sell the 3-month Jan 12, 2024 letras and the 9-month Jul 5, 2024 letras, with details to be announced this afternoon.
  • Also tomorrow, the ESM will look to sell up to E1.1bln of the new 6-month Apr 18, 2024 bill.
  • Finally on Wednesday, the EU will look to sell up to E1bln of the 3-month Jan 12, 2024 EU-bill and up to E1bln of the 6-month Apr 5, 2024 EU-bill.

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