EUROZONE T-BILL ISSUANCE: W/C 1 September 2025
Germany, the Netherlands, France, Spain, Belgium, the ESM, Greece and the EU all look to sell bills in the upcoming week. We estimate issuance at first round operations at E26.7bln for the week, up from E18.8bln this week.
- On Monday, Germany will look to sell E3bln of the 6-month Mar 18, 2026 Bubill.
- Also on Monday morning, the Netherlands will look to sell E1.0-2.0bln of the 2-month Oct 30, 2025 DTC alongside E1.0-2.0bln of the new 6-month Feb 26, 2026 DTC.
- On Monday afternoon, France will look to sell up to a combined E7.1bln of 14/19/27/49-week BTFs: 2.6-3.0bln of the new 14-week Dec 10, 2025 BTF, E0-0.4bln of the 19-week Jan 14, 2026 BTF, E1.4-1.8bln of the 27-week Mar 11, 2026 BTF and E1.5b-1.9bln of the 49-week Aug 12, 2026 BTF.
- On Tuesday, Spain will look to sell 6-month Mar 6, 2026 letras and new 12-month Sep 4, 2026 letras. The auction size will be announced on Monday.
- Also on Tuesday morning, Belgium will look to sell a combined E3.0-3.4bln of TCs: an indicative E1.6bln of the 3-month Dec 11, 2025 TC, an indicative E0.8bln of the 6-month Mar 12, 2026 TC and an indicative E0.8bln of the 11-month Aug 13, 2026 TC.
- Later on Tuesday, the ESM will hold a larger auction than usual with up to E1.5bln of new 3-month Dec 4, 2025 bills on offer (rather than the usual auction size of up to E1.1bln).
- On Wednesday, Greece will look to sell E500mln of the new 52-week Sep 4, 2026 GTB.
- The EU will conclude bill issuance for the week, also on Wednesday, with up to E1.0bln of the 3-month Dec 5, 2025 EU-bill on offer alongside up to E1.0bln of the 6-month Mar 6, 2026 EU-bill and up to E1.0bln of the new 12-month Sep 4, 2026 EU-bill.
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US: FED Reverse Repo Operation
RRP usage retreats to $155.481B this afternoon from $171.018B yesterday, total number of counterparties at 27. Usage had fallen to $54.772B on Wednesday, April 16 -- lowest level since April 2021 - compares to July 1: $460.731B highest usage since December 31.
OPTIONS: Larger FX Option Pipeline
- EUR/USD: Aug01 $1.1400-05(E1.4bln), $1.1440-60(E2.0bln), $1.1600-10(E1.7bln), $1.1650-60(E1.1bln), $1.1700(E1.1bln); Aug04 $1.1500-10(E1.2bln), $1.1550-65(E2.6bln), $1.1600(E1.1bln); Aug05 $1.1425(E1.4bln), $1.1500(E1.2bln), $1.1550(E1.5bln)
- USD/JPY: Aug01 Y146.00($1.4bln), Y147.00($1.5bln)
- USD/CAD: Aug01 C$1.3450-70($1.2bln)
US: Epstein Case Unlikely To Signficantly Damage Trump Approval
Nate Silver at Silver Bulletin writes that despite the high volume of news reports about President Donald Trump's handling of the Jeffrey Epstein case, it may not resonate broadly enough with the electorate to impact Trump’s approval.
- Silver notes: “Google search traffic in the United States reveals that the peak of interest in the Epstein case a couple of weeks ago was only about one-third as high as the one surrounding tariffs in April. I know that might seem like an apples-to-oranges comparison, but tariffs are an interesting benchmark precisely because they’re one of the few things that did produce notable political fallout for Trump.”
- Silver adds: “There remains a strong case that voters are concerned about the economy and the cost of living, but that everything else is priced in.”
Figure 1: “Google search traffic for tariff and Epstein topics”
Source: Silver Bulletin
