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W/C September 11, 2023

EUROZONE T-BILL ISSUANCE

Spain, Italy, Belgium and Finland are all due to sell bills today while Germany and France came to the market yesterday. We expect issuance to be E22.9bln at first round operations this week, down a little from E24.1bln last week.

  • This morning, Spain will look to sell E1.5-2.5bln of 3/9-month letras: 3-month Dec 8, 2023 letras and 9-month Jun 7, 2024 letras.
  • Also this 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 today, 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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