STIR: Trump Tariff Threats Set The Tone For Day’s Rates Divergence
Feb-27 18:16
* Cross-market rates clearly show the impact from today's tariff threats from Trump, earlier 'conf...
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BONDS: MNI Europe Pi: German Contracts Remain Structurally Short/Flat (1/2)
Jan-28 18:16
From our Europe Pi Positioning Analysis (PDF Here)
- German contracts are in flat/short structural positioning.
- Bobl remains in short territory (though previously was "very short"), joining Buxl with the "short" designation.
- Bund has bucked the wider trend, moving to flat from short, while Schatz remains flat. The most recent week saw shorts set and longs reduced.
US TSYS/SUPPLY: Review 7Y Auction: Second Consecutive Stop
Jan-28 18:07
- Tsys futures paring losses (TYH5 currently 108-30.5 last, -6.5) after the $44B 7Y note auction (91282CMC2) stops 0.8bp through with 4.457% high yield vs. WI of 4.465%; bid-to-cover 2.64x vs. 2.76x prior.
- Peripheral stats: Indirect take-up falls back to 67.08% vs. 87.88% in December; Direct take-up rebounds off lat month's record low of 2.84% to 23.06%; Dealers take 9.86% vs. 9.27% prior.
- The next 7Y Treasury auction is tentatively scheduled for February 26
FED: US TSY 7Y NOTE AUCTION: HIGH YLD 4.457%; ALLOTMENT 49.84%
Jan-28 18:02
- US TSY 7Y NOTE AUCTION: HIGH YLD 4.457%; ALLOTMENT 49.84%
- US TSY 7Y NOTE AUCTION: DEALERS TAKE 9.86% OF COMPETITIVES
- US TSY 7Y NOTE AUCTION: DIRECTS TAKE 23.06% OF COMPETITIVES
- US TSY 7Y NOTE AUCTION: INDIRECTS TAKE 67.08% OF COMPETITIVES
- US TSY 7Y AUCTION: BID/CVR 2.64
