FRANCE AUCTION PREVIEW: MT OAT Auction (2/2)
Feb-20 09:08
* The new long 3-year 2.40% Sep-28 OAT (ISIN: FR001400XLW2) will be launched, replacing the 2.50% ...
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CROSS ASSET: Core Govies are edging lower
Jan-21 09:08
- US Treasuries are edging lower, TYH5 look to test its session and close the small opening gap down to 108.23.
- Note that the intraday low that shows on Bloomberg at 108.08+ is actually Yesterday's low.
- On this side of the Pond, BTP is sold in 1k and Gilt 750 lots.
- The German Bund now targets the Opening Gap down to 131.76.
- There's a small bid in the USDJPY on the back of the small move lower in Core Govie futures.
GILT SYNDICATION: 4.375% Jan-40 gilt: Books open
Jan-21 09:04
- Guidance: 4.25% Sep-39 gilt +4.00/+4.25bps
- Size: GBP Benchmark (MNI expect GBP5.0-6.5bln)
- Expected Settlement Date: 22-January-2025 (T+1)
- ISIN: GB00BQC82D08
- Joint Leads: DB (B&D / DM) / JPM / MS / Nomura / RBC CM
- Timing: Books open, today’s business
From market source
EGBS: Spreads To Bunds Marginally Wider
Jan-21 08:58
Trump’s apparent focus on imposing tariffs on Mexico & Canada in the coming weeks helps promote some modest EGB spread widening to Bunds today, although the major 10-Year cross-market differentials are within 1bp of yesterday’s closing level.
- Bund futures have pulled back from overnight highs, limiting the spread widening as the risk-off moves fade from extremes.
- 10-Year BTP/Bunds closed below 110bp, with cycle closing lows located at 106.4bp.
- Meanwhile, 10-Year OAT/Bunds last ~77.5bp, with French political and fiscal risks helping keep that spread above 75bp.
- Supply pressure is set to come via the French and Lithuanian syndications, with German green supply also scheduled.
