EUROZONE T-BILL ISSUANCE: W/C 6 October
Oct-03 14:49
Germany, the Netherlands, France, Spain, Belgium, the ESM and Italy are due to sell bills next week. We expect issuance to be E33.3bln in first round operations, up from E11.1bln this week.
- On Monday morning, Germany will look to sell E3bln of the 6-month Apr 15, 2026 Bubill and E1.5bln of the 11-month Sep 16, 2026 Bubill.
- Also on Monday morning, the Netherlands will look to issue E1.0-2.0bln of the 2-month Nov 27, 2025 DTC and E1.0-2.0bln of the new 6-month Mar 30, 2026 DTC.
- On Monday afternoon, France will look to come to the market with up to E8.3bln of 14/16/26/52-week BTFs: E2.9-3.3bln of the 14-week Jan 14, 2026 BTF, E0.1-0.5bln of the 16-week Jan 28, 2026 BTF, E1.8-2.2bln of the 26-week Apr 9, 2026 BTF and E1.9-2.3bln of the new 52-week Oct 7, 2026 BTF.
- On Tuesday morning, Spain will look to sell the 6-month Apr 10, 2026 letras and the new 12-month Oct 9, 2026 letras. The auction size will be announced on Monday.
- Also on Tuesday morning, Belgium will look to issue a combined E2.2-2.6bln of TCs: An indicative E800mln of the 3-month Jan 15, 2026 TC, an indicative E800mln of the 6-month Apr 9, 2026 TC and an indicative E800mln of the 11-month Sep 10, 2026 TC.
- Finally on Tuesday, the ESM will look to come to the market with up to E1.1bln of the new 3-month Jan 8, 2026 bills.
- To conclude issuance for the week on Friday, Italy will look to hold a BOT auction. A new 12-month BOT will be on offer, potentially alongside another BOT. Details will be announced next Tuesday.
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