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EUROZONE T-BILL ISSUANCE: W/C January 6, 2025

EUROZONE T-BILL ISSUANCE
EurozoneBulletMarketsFixed Income Bullets

Germany, the Netherlands, France, Spain, Belgium, Finland, the ESM, the EU and Italy are due to sell bills this week. We expect issuance to be E37.9bln in first round operations, up from E0.5bln last week.

  • This morning, Germany will sell E2bln of the 6-month Jul 16, 2025 bubill.
  • Also this morning, the Netherlands will issue E1.0-2.0bln of the 3-month Mar 28, 2025 DTC and E1.0-2.0bln of the new 6-month Jun 27, 2025 DTC.
  • This afternoon, France will come to the market to sell up to E7.5bln of the 9/14/25/51-week BTFs: E0.2-0.6bln of the new 9-week Apr 16, 2025 BTF, E3.1-3.5bln of the new 14-week Apr 16, 2025 BTF, E1.2-1.6bln of the 25-week Jul 2, 2025 BTF and E1.4-1.8bln of the new 51-week Dec 31, 2025 BTF.
  • Tomorrow morning, Spain will issue a combinedE5.5-6.5bln of the 6-month Jul 4, 2025 letras and the new 12-month Jan 9, 2026 letras.
  • Also tomorrow morning, Belgium will look to sell E3.8-4.2bln of the 4/6/11-month TCs:  an indicative E1.0bln each of the 4-month May 8, 2025 TC and the new 6-month Jul 10, 2025 TC, and an indicative E2.0bln of the new 11-month Dec 11, 2025 TC.
  • Thirdly tomorrow, Finland will sell up to a combined E2bln of the 7-month Aug 13, 2025 RFTB and the 10-month Nov 13, 2025 RFTB.
  • Next tomorrow, the ESM will issue up to E1.1bln of the new 3-month Apr 3, 2025 bills.
  • Finally tomorrow, the EU will sell up to E1.5bln of the 3-month Apr 4, 2025 EU-bill, E1.5bln of the new 6-month Jul 4, 2025 EU-bill and E1.5bln of the new 12-month Jan 9, 2026 EU-bill.
  • On Friday, Italy will issue a new 12-month BOT alongside potentially another existing BOT. Details will be announced on tomorrow.

For more on future auctions see the full MNI Eurozone/UK T-bill auction calendar here.

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Germany, the Netherlands, France, Spain, Belgium, Finland, the ESM, the EU and Italy are due to sell bills this week. We expect issuance to be E37.9bln in first round operations, up from E0.5bln last week.

  • This morning, Germany will sell E2bln of the 6-month Jul 16, 2025 bubill.
  • Also this morning, the Netherlands will issue E1.0-2.0bln of the 3-month Mar 28, 2025 DTC and E1.0-2.0bln of the new 6-month Jun 27, 2025 DTC.
  • This afternoon, France will come to the market to sell up to E7.5bln of the 9/14/25/51-week BTFs: E0.2-0.6bln of the new 9-week Apr 16, 2025 BTF, E3.1-3.5bln of the new 14-week Apr 16, 2025 BTF, E1.2-1.6bln of the 25-week Jul 2, 2025 BTF and E1.4-1.8bln of the new 51-week Dec 31, 2025 BTF.
  • Tomorrow morning, Spain will issue a combinedE5.5-6.5bln of the 6-month Jul 4, 2025 letras and the new 12-month Jan 9, 2026 letras.
  • Also tomorrow morning, Belgium will look to sell E3.8-4.2bln of the 4/6/11-month TCs:  an indicative E1.0bln each of the 4-month May 8, 2025 TC and the new 6-month Jul 10, 2025 TC, and an indicative E2.0bln of the new 11-month Dec 11, 2025 TC.
  • Thirdly tomorrow, Finland will sell up to a combined E2bln of the 7-month Aug 13, 2025 RFTB and the 10-month Nov 13, 2025 RFTB.
  • Next tomorrow, the ESM will issue up to E1.1bln of the new 3-month Apr 3, 2025 bills.
  • Finally tomorrow, the EU will sell up to E1.5bln of the 3-month Apr 4, 2025 EU-bill, E1.5bln of the new 6-month Jul 4, 2025 EU-bill and E1.5bln of the new 12-month Jan 9, 2026 EU-bill.
  • On Friday, Italy will issue a new 12-month BOT alongside potentially another existing BOT. Details will be announced on tomorrow.

For more on future auctions see the full MNI Eurozone/UK T-bill auction calendar here.