OIL PRODUCTS: Shandong Teapot Inventory Rate Falls on Week: OilChem
Apr-10 16:25
Crude storage capacity utilisation rates among Shandong Independent refineries are seen down 0.2 per...
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US TSYS/SUPPLY: Preview: 3Y Note Auction
Mar-11 16:23
Treasury sells $58B in 3Y Note (CUSIP: 91282CMS7) at 1300ET today in the first coupon auction of the month.
- February's 3Y sale was strong, seeing the first trade-through (1.2bp) in 5 auctions, with a bid-to-cover of 2.79x the highest since 2023, and 10.2% primary dealer takeup the lowest since 2023.
- Since then, though there has been a reduction of concession, with yields dropping sharply alongside an equity sell-off / rising recession concerns, with the curve bull steepening.
- The current when-issued yield of 3.90% is a solid 40bp below the February auction's high yield, and would be the lowest at auction since October 2024.
- Even apart from that, 3s are trading a little richer vs the short-end/belly, with the 2s-3s-5s fly at -8.7bp around the lowest levels of the year (and vs near-flat in early February). 3s10s is at 34bp, near the steepest levels since early 2022.
The 5-auction averages and latest 3Y auction results are below.
| High yield | When-issued yield | Trade through (tail) | High - Median Spread | Bid-to-cover | Primary Dealer Percent | Indirect Percent | Direct Percent | Offering Amount | |
| 5 auction avg | 4.156% | 4.152% | -0.3 | 5.1 | 2.61 | 16.71% | 65.33% | 17.96% | 58 |
| 11-Feb-25 | 4.300% | 4.312% | 1.2 | 4.0 | 2.79 | 10.18% | 74.00% | 15.82% | 58 |
| 6-Jan-25 | 4.332% | 4.320% | -1.2 | 4.6 | 2.62 | 19.36% | 60.98% | 19.67% | 58 |
| 10-Dec-24 | 4.117% | 4.115% | -0.2 | 4.9 | 2.58 | 15.11% | 64.18% | 20.71% | 58 |
| 4-Nov-24 | 4.152% | 4.145% | -0.7 | 6.2 | 2.60 | 19.75% | 70.62% | 9.62% | 58 |
| 8-Oct-24 | 3.878% | 3.870% | -0.8 | 5.8 | 2.45 | 19.17% | 56.87% | 23.97% | 58 |
PORTUGAL: Socialists Call On PM To Withdraw Confidence Motion
Mar-11 16:19
The main opposition centre-left Socialist Party (PS) has called on PM Luis Montenegro to withdraw his confidence motion and accept a parliamentary Commission of Inquiry into the possible conflict of interest regarding the PM and a business he founded before coming to power.
- Montengro has said the parliamentary session can be suspended to allow for questions, but this is not sufficient for the PS.
- The PS has indicated that it will vote against the gov't (rather than abstain) if it comes to a vote, something that would bring down the gov't given the minority status of Montenegro's centre-right Democratic Alliance (AD) administration.
SONIA: SFIK5 Call Condor Buyer From Earlier
Mar-11 16:07
Some SONIA flow from a little earlier: SFIK5 95.80/95.90/96.00/96.10 call condor, paper pays 4.25 on +7.5k
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