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Germany and Spain both still look to hold auctions this week. We also pencil in syndications from Austria, Ireland and France, although we may only get one or two of these this week with no countries holding syndications today with UK and US CPI upcoming – we will be looking out for mandates for these countries today as well as a possible RFP from the EFSF ahead of a potential transaction next week. The EU and Greece have already held syndications while Italy, the Netherlands and Germany have held auctions this week. We pencil in estimated gross issuance for the week at E51.3bln, down from E62.5bln last week.
For more details on issuance this week and next week see the full document here: EZ250115.pdf
Portugal is due to sell bills today, whilst Germany, France, Spain and Belgium already came to the market. We expect issuance to be E18.1bln in first round operations, down from E37.9bln last week.
For more on future auctions see the full MNI Eurozone/UK T-bill auction calendar here.