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W/C September 4, 2023

EUROZONE T-BILL ISSUANCE

Spain, Belgium, the ESM, Greece and the EU are all still due to sell bills this week while Germany, the Netherlands and France came to the market yesterday. We expect issuance to be E23.9bln at first round operations this week, up from E17.2bln last week.

  • This morning, Spain will look to sell a combined E4-5bln of the 6-month Mar 8, 2024 letras and the new 12-month Sep 6, 2024 letras.
  • Also this 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 today, the ESM will look to sell up to E1.1bln of the new 3-month Dec 7, 2023 bills.
  • Tomorrow, Greece will look to sell E625mln of the new 52-week Sep 6, 2024 GTB.
  • Also tomorrow, 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.
  • Note: The Belgian Debt Agency lowered its TC funding target by E14.5bln on Monday (and now looks for a target stock of E20.3bln at year-end. It has cancelled two 3-month TC auctions and all of its medium/long-term TC auctions for the remainder of the year.
For more on future auctions see the full MNI Eurozone/UK T-bill auction calendar.
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