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W/C September 11, 2023

EUROZONE T-BILL ISSUANCE

Germany, France, Spain, Italy, Belgium and Finland are all due to sell bills next week. We expect issuance to be E23.0bln at first round operations next week, down from E24.1bln this week.

  • On Monday morning, Germany will look to sell E4bln of the 6-month Mar 20, 2024 bubill.
  • On Monday afternoon, France will look to sell up to E7bln of 11/12/21/51-week BTFs: E0.4-0.8bln of the 11-week Nov 29, 2023 BTF; E2.0-2.4bln of the 12-week Dec 6, 2023 BTF; E1.3-1.7bln of the 21-week Feb 7, 2024 BTF; E1.7-2.1bln of the new 51-week Sep 4, 2024 BTF.
  • On Tuesday morning, Spain will look to sell the 3-month Dec 8, 2023 letras and the 9-month Jun 7, 2024 letras.
  • Also on Tuesday morning, Italy will look to sell E7bln of the new 12-month Sep 14, 2024 BOT.
  • Then, Belgium will look to sell E0.8-1.2bln of the 17-week Jan 11, 2024. Note that Belgium has cancelled the auction of the 6-month Mar 7, 2024 TC due to the high take up of the retail state bond.
  • Finally on Tuesday, Finland will look to sell up to E1bln of the 8-month May 14, 2024 RFTB and E1bln of the new 11-month Aug 13, 2024 RFTB.
For more on future auctions see the full MNI Eurozone/UK T-bill auction calendar.

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