EUROZONE T-BILL ISSUANCE: W/C January 19

Germany, the Netherlands, France, Spain, the ESM, Greece, Portugal and the EU are due to sell bills next week. We expect issuance to be E23.0bln in first round operations, up from E21.9bln this week.

• On Monday morning, Germany will look to sell E2.0bln of the 5-month Jun 17, 2026 Bubill and E3.0bln of the new 11-month Dec 09, 2026 Bubill.
• Also on Monday morning, the Netherlands will look to issue E1-2bln of the 3.5-month Apr 29, 2026 DTC and  E1-2bln of the 5.5-month Jun 29, 2026 DTC.
• On Monday afternoon, France  will look to come to the market with up to a combined E8.2bln of 14/19/27/49-week BTFs: E3.4-3.8bln of the new 14-week Apr 29, 2026 BTF, E0-0.4bln of the 19-week Jun 3, 2026 BTF, E1.7-2.1bln of the 27-week Jul 29, 2026 BTF and E1.5-1.9bln of the 49-week Dec 30, 2026 BTF.
• On Tuesday morning, Spain  will look to sell the 3-month Apr 10, 2026 letras and the 9-month Oct 9, 2026 letras. The auction size will be announced on Monday.
• Also on Tuesday, the ESM will look to issue up to E1.1bln of the new 6-month Jul 23, 2026 bills.
• On Wednesday morning, Greece will look to come to the market with E400mln of the new 26-week Jul 24, 2026 GTB.
• Also on Wednesday morning, Portugal  will look to sell E1.00-1.25bln of the new 12-month Jan 22, 2027 BT.
• Finally on Wednesday, the EU will look to issue up to E1.0bln of the 3-month Apr 10, 2026 EU-bill, up to E1.0bln of the 6-month Jul 3, 2026 EU-bill and up to E1.5bln of the 12-month Jan 8, 2027 EU-bill.