EQUITIES: E-Mini S&P Moving Average Studies Remain in Bear Mode Set Up
Mar-27 08:54
The medium-term trend direction in Eurostoxx 50 futures is up and recent short-term weakness - for n...
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ITALY AUCTION PREVIEW: BTP Short Term and BTPei Auction
Feb-25 08:49
Italy will sell E2.50-2.75bln of the 2.55% Feb-27 BTP Short Term (ISIN: IT0005633794) and E1.25-1.50bln of the 1.80% May-36 BTPei (ISIN: IT0005588881) at today’s auction.
- This will be the first re-opening of the 2.55% Feb-27 BTP Short Term, which was launched on January 28. The launch saw a 1.63x bid-to-cover ratio for the E3bln issued.
- The spread of this BTP Short Term to the 2.20% Mar-27 Schatz has fluctuated in a relatively narrow range between 32-35bps since January.
- The 1.80% May-36 BTPei has been re-opened three times since its syndicated launch last March. The January re-opening attracted a 1.72x bid-to-cover ratio for the E1.25bln issued, with the average price of 99.060 exceeding the 98.966 pre-auction mid-price.
- Comparing against the 1.45% Mar-36 BTP, this BTPei has a breakeven rate of 171.4bps (vs a YTD closing low of 168.1bps on Jan 1)
- Timing: Results will be available shortly after the bidding window closes at 10:00GMT / 11:00CET.
EURIBOR OPTIONS: Call spread buyer
Feb-25 08:48
ERZ5 98.50/98.75cs, bought for 3.25 in 20k.
BONDS: US and UK Roll update
Feb-25 08:43
ROLLS continue to dominate, June is not quite yet front Month for Gilt or Treasuries, but will likely be into Tomorrow.
- Ultra 30: 56%.
- TBond: 52%.
- Ultra 10: 52%.
- TYA: 57%.
- FVA: 51%.
- TUA: 57%.
- Gilt: 40% (as of Yesterday).
