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W/C September 4, 2023

EUROZONE T-BILL ISSUANCE

Germany, the Netherlands, France, Spain, Belgium, the ESM, Greece and the EU are all due to sell bills this week. We expect issuance to be E24.4bln at first round operations this week, up from E17.2bln last week.

  • On Monday morning, Germany will look to sell E2bln of the 3-month Dec 13, 2023 bubill and E3bln of the 9-month Jun 19, 2023 bubill.
  • Also on Monday morning, the Netherlands will look to sell E1-2bln of the 3-month Nov 29, 2023 DTC and E1-2bln of the new 6-month Feb 28, 2024 DTC.
  • On Monday afternoon, France will look to sell up to E6.6bln of 3/13/22/48-week BTFs: E0.3-0.7bln of the new 3-week Sep 20, 2023 BTF, E1.8-2.2bln of the new 13-week Dec 12, 2023 BTF, E1.3-1.7bln of the 22-week Feb 7, 2024 BTF and E1.6-2.0bln of the 48-week Aug 7, 2024 BTF.
  • On Tuesday morning, Spain will look to sell the 6-month Mar 8, 2024 letras and the new 12-month Sep 6, 2024 letras.
  • Also on Tuesday morning, Belgium will look to sell E0.8-1.2bln of the 13-week Jan 11, 2024 TC. 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, the ESM will look to sell up to E1.1bln of the new 3-month Dec 7, 2023 bills.
  • On Wednesday, Greece will look to sell E625mln of the new 52-week Sep 6, 2024 GTB.
  • Also on Wednesday, the EU will look to sell up to E1.0bln of the 3-month Dec 8, 2023 EU-bill and up to E1.5bln of the new 6-month Mar 8, 2024 EU-bill.
For more on future auctions see the full MNI Eurozone/UK T-bill auction calendar.

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