SPAIN AUCTION RESULTS: Bono/Oblis/ObliEi
Feb-06 09:47
| Coupon | 2.40% | 3.10% | 4.00% | 1.15% |
| Maturity | May-28 | Jul-31 | Oct-54 | Nov-36 |
| Instrument | Bono | Obli | Obli | Obli-Ei |
| ISIN | ES0000012O59 | ES0000012N43 | ES0000012M93 | ES0000012O18 |
| Amount | E2.587bln | E1.737bln | E1.867bln | E570mln |
| Previous | E2.596bln | E2.6bln | E1.612bln | E4bln |
| Avg yield | 2.388% | 2.705% | 3.691% | 1.230% |
| Previous | 2.586% | 2.897% | 3.877% | 1.193% |
| Bid-to-cover | 1.64x | 1.96x | 1.84x | 2.22x |
| Previous | 1.50x | 1.59x | 1.77x | |
| Avg Price | 100.046 | 102.306 | 105.487 | 99.117 |
| Low Price | 100.030 | 102.280 | 105.450 | 99.060 |
| Pre-auction mid | 100.010 | 102.237 | 105.192 | 98.963 |
| Prev avg price | 99.412 | 101.175 | 102.147 | 99.512 |
| Prev low price | 99.380 | 101.150 | 102.070 | |
| Prev mid-price | 101.086 | 101.845 | ||
| Previous date | 09-Jan-25 | 09-Jan-25 | 07-Nov-24 | 24-Sep-24 |
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SPAIN T-BILL AUCTION RESULTS: 6/12-month letras
Jan-07 09:41
| Type | 6-month letras | 12-month letras |
| Maturity | Jul 4, 2025 | Jan 9, 2026 |
| Amount | E2.026bln | E4.179bln |
| Target | E5.5-6.5bln | Shared |
| Previous | E1.984bln | E2.8bln |
| Avg yield | 2.535% | 2.367% |
| Previous | 2.552% | 2.207% |
| Bid-to-cover | 1.75x | 1.37x |
| Previous | 1.71x | 1.86x |
| Previous date | Dec 03, 2024 | Dec 03, 2024 |
GILTS: 30-Year Gilt Yields Hit Highest Since '98
Jan-07 09:36
30-Year gilt yields hit the highest level seen since ’98, printing 5.211%.
- 5.25% presents the next logical upside target.
- Very old (1998) broken support on the monthly chart, located at 5.255%, could also act as resistance.
- Fiscal/issuance risks a key driver here, while a tentative/cautious BoE cutting cycle and stickier inflation factor into higher yields across the curve.
- Presence of today's 30-Year supply also a factor intraday
- Higher yields increase the risks to Chancellor Reeves already limited fiscal headroom, boosting odds of further tax hikes (which would act as a growth impediment).
Fig. 1: UK 30-Year Gilt Yield
Source: MNI - Market News/Bloomberg
EGB SYNDICATION: Belgium 10-year: Spread set
Jan-07 09:34
- Spread set at MS+66bps (guidance was +68bps area)
- Size: EUR Benchmark (MNI expect E7bln with upside risks)
- Books in excess of E67bln (ex JLM interest)
- Maturity: 22-June-2035
- Settlement: 14-January-2025 (T+5)
- Coupon: Annual ACT/ACT, short first to 22-June-2025
- ISIN: BE0000363722
- Bookrunners: BNPP (DM/B&D) / CACIB / HSBC / JPM / MS
- Timing: Books to close at 10:00GMT / 11:00CET; open, today's business
From market source
