UK T-BILL AUCTION RESULTS: 1/3/6-month UKTBs
Apr-24 10:07
--------------------------------------------------------- 1-month 3-month ...
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
ITALY AUCTION RESULTS: BTP Short Term / BTPei Results
Mar-25 10:07
| 2.20% Feb-28 BTP Short Term | 1.10% Aug-31 BTPei | 1.80% May-36 BTPei | |
| ISIN | IT0005692410 | IT0005657348 | IT0005588881 |
| Amount | E2bln | E1bln | E1bln |
| Previous | E2.5bln | E1bln | E1bln |
| Avg yield | 2.89% | 0.97% | 1.78% |
| Previous | 2.16% | 0.84% | 1.51% |
| Bid-to-cover | 1.78x | 1.67x | 1.67x |
| Previous | 1.62x | 1.75x | 1.74x |
| Avg Price | 98.76 | 100.68 | 100.30 |
| Pre-auction mid | 98.757 | 100.723 | 100.306 |
| Prev avg price | 100.10 | 101.37 | 102.78 |
| Prev mid-price | 100.079 | 101.303 | 102.679 |
| Previous date | 24-Feb-26 | 24-Feb-26 | 24-Feb-26 |
US TSY OPTIONS: FV & TY Calls Lifted
Mar-25 10:04
Some buying of calls in recent trade:
- FVK6 110.50 calls paper paid 0-03 on ~4.6K, with another ~700 lots trading on the follow.
- TYJ6 111.75 calls paper paid 0-04 on ~3.1K, with another ~400 lots trading on the follow
EGBS: Bunds Supported By Ceasefire Hopes, But Resistance Still Intact
Mar-25 09:46
Bund futures are +50 ticks versus yesterday’s settlement levels at 125.87. A bear condition remains intact, with initial resistance noted at 126.05 (March 23 high). Overnight news that the US has sent Iran a list of conditions for a temporary ceasefire have weighed on oil and gas prices, providing support to bonds. However, we note that the Iranian side has set a high bar for any ceasefire agreement.
- The German 2s10s curve has seen a fairly uniform 6bps shift lower, while 10s30s exhibits a more material bull steepening.
- ECB President Lagarde said that “We will not act before we have sufficient information on the size and persistence of the shock and its propagation”. This caused a partial unwind of some April ECB hike pricing at the front-end.
- 10-year EGB spreads to Bunds are narrower, with the BTP/Bund spread now back below 90bps. Spreads remain closely corelated with Iran war developments, with domestic politics (e.g. yesterday’s Italian referendum result) taking a backseat.
- Germany's IFO Business Climate Index fell in March, to 86.4 (vs 86.3 cons, 88.4 February). As in yesterday's flash PMIs, the release carries a feeling of front-running with the expectations component falling notably but the current seeing an unchanged print.
- Italy will come to the market at 1000GMT to hold a BTP Short Term / BTPei auction, while Germany will sell LT Bunds at 1030GMT.
- The remainder of today’s data calendar is light, leaving focus on Iran war headline flow and remaining ECB commentary from the ongoing ECB and it’s Watcher’s Conference.
