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W/C October 2, 2023

EUROZONE T-BILL ISSUANCE

Germany, the Netherlands, France, Spain, Belgium, the ESM and the EU are all due to sell bills next week. We expect issuance to be E23.6bln, up from E21.1bln this week.

  • On Monday, Germany will look to sell E3bln of the 3-month Jan 17, 2024 bubill and E2bln of the 9-month Jul 17, 2024 bubill.
  • Also on Monday morning, the Netherlands will look to sell E0.5-1.5bln of the 2-month Nov 29, 2023 DTC and E1.0-2.0bln of the new 6-month Mar 27, 2024 DTC.
  • On Monday afternoon, France will look to sell up to E6.8bln of 7/13/22/48-week BTFs: E0.2-0.6bln of the 7-week Nov 22, 2023 BTF; E2.4-2.8bln of the new 13-week Jan 4, 2024 BTF; E1.4-1.8bln of the 22-week Mar 6, 2024 BTF; E1.2-1.6bln of the 48-week Sep 4, 2024 BTF.
  • On Tuesday morning, Spain will look to sell the 6-month Apr 12, 2024 letras and the new 12-month Oct 4, 2024 letras, with issue amounts to be announced on Monday.
  • Also on Tuesday, Belgium will look to sell E0.8-1.2bln of the 14-week Jan 11, 2024 TC.
  • Also on Tuesday, the ESM will look to sell up to E1.1bln of the new 3-month Jan 11, 2024 bills.
  • FInally on Wednesday, the EU will look to sell up to E1bln of the 3-month Jan 12, 2024 EU-bill and up to E1.5bln of the new 6-month Apr 5, 2024 EU-bill.

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