ITALY T-BILL AUCTION RESULTS: 12-month BOT Results
May-09 09:06
| Type | 12-month BOT |
| Maturity | May 14, 2026 |
| Amount | E8.5bln |
| Target | E8.5bln |
| Previous | E7bln |
| Avg yield | 1.959% |
| Previous | 2.122% |
| Bid-to-cover | 1.42x |
| Previous | 1.52x |
| Previous date | Apr 10, 2025 |
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ECB: Rehn Offers More Explicit Support For April Cut
Apr-09 09:05
More explicit signalling from Rehn than in previous comments that he will support an April cut here (via RTRS):
- "ECB'S REHN: DOWNSIDE RISKS HAVE MATERIALISED SINCE MARCH RATE MEETING"
- "ECB'S REHN: CASE FOR CONTINUING RATE CUTS AT APRIL MEETING IS SUPPORTED BY DOWNSIDE RISKS MATERIALISING"
It's not all that surprising though. Following Rehn's appearance at an MNI Connect event on March 18, our sense was that the bar to him not voting for a cut in April was quite high, with growth concerns emanating from US tariff uncertainty featuring more prominently than possible inflationary impacts.
GILT AUCTION RESULTS: 4.375% Mar-30 Gilt
Apr-09 09:03
| 4.375% Mar-30 Gilt | Previous | |
| Amount | GBP4.50bln | GBP4.25bln |
| Avg yield | 4.142% | 4.311% |
| Bid-to-cover | 2.95x | 3.39x |
| Tail | 1.0bp | 0.3bp |
| Avg price | 101.009 | 100.269 |
| Low price | 100.963 | 100.254 |
| Pre-auction mid | 100.985 | 100.250 |
| Previous date | 05-Mar-25 |
BUNDS: Trading back at pre Cash Open level
Apr-09 08:51
- The German Bund is now back above where it was trading at on the Cash Open, when it fell a quick big 115 ticks, as Govies caught up with some of the big moves seen Overnight in Treasuries.
- Bund was trading at 130.25 pre Cash Open.
- The earlier bid in Risk has ran out of steam, and the selling looked to be Cash led in European Equities, although nothing big in terms of moves.
- US Tnotes has already seen over 1.2mln traded lots for this time of the Day, but the contract has stayed in a fairly tight range since the EU Open.
- Since Bund is up 36 ticks and US Tnotes is down 19.5 ticks, the Tnotes/Bund spread widens another 9bps and look to test the 175bps resistance right here.
