GERMAN AUCTION RESULTS: 15-Year Bunds
Feb-26 10:34
| 0% May-36 Bund | 1.00% May-38 Bund | |
| ISIN | DE0001102549 | DE0001102598 |
| Total sold | E500mln | E1.5bln |
| Allotted | E401mln | E1.253bln |
| Previous | E0.408bln | E0.438bln |
| Avg yield | 2.51% | 2.60% |
| Previous | 2.34% | 2.42% |
| Bid-to-offer | 2.15x | 2.36x |
| Previous | 3.98x | 4.81x |
| Bid-to-cover | 2.68x | 2.83x |
| Previous | 4.87x | 5.49x |
| Avg price | 75.75 | 82.29 |
| Low price | 75.73 | 82.27 |
| Pre-auction mid | 75.702 | 82.235 |
| Prev avg price | 76.46 | 83.57 |
| Prev low price | 76.46 | 83.57 |
| Prev mid-price | 76.386 | 83.529 |
| Previous date | 09-Oct-24 | 04-Sep-24 |
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US TSY OPTIONS: 10Yr Weekly Option
Jan-27 10:32
10yr Weekly Option, Expiry Friday:
- TY 110c, bought for '06 in 15k.
GERMAN T-BILL AUCTION RESULTS: 11-Month Bubills
Jan-27 10:32
| Type | 11-month bubill |
| Maturity | Dec 10, 2025 |
| Allotted | E1.951bln |
| Previous | E1.51075bln |
| Total sold | E2bln |
| Target | E2bln |
| Avg yield | 2.309% |
| Previous | 2.223% |
| Bid-to-cover | 3.69x |
| Previous | 2.6x |
| Bid-to-offer | 3.6x |
| Previous | 1.96x |
| Previous date | Dec 02, 2024 |
EGBS: Major EGB Futures Off Highs, But Deepseek Risk-off Still Evident
Jan-27 10:26
This morning’s Deepseek triggered risk-off has partially faded in major EGB futures, which are off session highs, with markets assessing the European impact as more equity-focused (ASML shares are over 11% lower today).
- Bund futures nonetheless remain +56 ticks today at 131.81. Resistance at the 20-day EMA (132.15) remains intact for now.
- German yields are 4-5bps lower, with the belly outperforming. German ASWs (vs 3m Euribor) have widened ~1bp as a result of the risk-off trade.
- The German January IFO survey was a little stronger-than-expected on the business climate and current assessment components, but the expectations component was below consensus. The print suggests the ongoing slump in German economic conditions is not to subside anytime soon.
- The EU will hold an auction to sell up to E3bln of the 5-year 2.875% Oct-29 EU-bond and up to E2bln of the 10-year 3.00% Dec-34 EU-bond at 1030GMT/1130CET.
- Weaker European equities sees 10-year EGB spreads to Bunds widen.
- Broader regional focus remains on Thursday’s ECB decision, alongside the heavy regional data calendar later this week.
