FRANCE AUCTION PREVIEW: On offer next week
Mar-14 10:07
E11.5-13.5bln of MT OATs
- 2.40% Sep-28 OAT (ISIN: FR001400XLW2)
- 2.75% Feb-30 OAT (ISIN: FR001400PM68)
- 0% May-32 OAT (ISIN: FR0014007L00)
- 3.00% May-33 OAT (ISIN: FR001400H7V7)
E1.5-2.0bln of I/L OATs:
- 0.60% Jul-34 OATei (ISIN: FR001400JI88)
- 1.80% Jul-40 OATei (ISIN: FR0010447367)
- 0.10% Jul-53 OATei (ISIN: FR0014008181)
- 0.10% Mar-36 OATi (ISIN: FR0013524014)
Up to E8.0bln of 14/25/27/49-week BTFs:
- E3.0-3.4bln of the new 14-week Jun 25, 2025 BTF
- E0.5-0.9bln of the 25-week Sep 10, 2025 BTF
- E1.6-2.0bln of the 27-week Sep 24, 2025 BTF
- E1.3-1.7bln of the 49-week Feb 25, 2026 BTF
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ITALY T-BILL AUCTION RESULTS: 12-month BOT Results
Feb-12 10:06
| Type | 12-month BOT |
| Maturity | Feb 13, 2026 |
| Amount | E8bln |
| Target | E8.0bln |
| Previous | E8bln |
| Avg yield | 2.323% |
| Previous | 2.517% |
| Bid-to-cover | 1.52x |
| Previous | 1.49x |
| Previous date | Jan 10, 2025 |
FOREX: EURJPY Briefly Extends Recovery to Over 400 Pips
Feb-12 10:04
- Despite pulling back from the morning highs, EURJPY remains 0.8% higher today as the cross extends the rebound from Friday’s low. While the move higher is allowing a recent oversold condition to unwind, the impressive recovery reached as much as 406 pips, perhaps exacerbated by a short-term positioning squeeze ahead of US inflation data. Furthermore, the hawkish ECB repricing and strength for European equities will have provided additional tailwinds.
- Onshore Japan markets have returned today after yesterday's public holiday, so there may also be some catch up demand in play for Cross/JPY. There are reasonable option expiries in USDJPY for the NY cut later between 153.50-70($1.7bln), which could also be influencing spot trends.
- We noted that BoJ Governor Ueda appeared before parliament earlier, noting there is a risk that higher food inflation impacts inflation expectations more broadly. Ueda said the BOJ is closely watching US economic measures and their impacts, while reiterating that further hikes will depend on the economy and price developments.
- For EURJPY, moving average studies are in a bear-mode position and this suggests that the latest recovery is likely a correction. Initial resistance to watch is 159.93, the 20-day EMA. Key short-term resistance remains further out at 161.09, the 50-day EMA.
ESM ISSUANCE: ESM RfP
Feb-12 10:03
“Today ESM, the European Stability Mechanism has sent a Request for Proposal to a selection of banks from the EFSF/ESM Market Group with regards to an upcoming transaction, subject to market conditions.”
- We expect a transaction for Monday/Tuesday next week, and had flagged this possibility in our daily publication.
