COMMUNICATIONS: AKER BP Q125 Results Headlines

• RES 4: 1.3434 High Sep 26 ‘24 and a key resistance   
• RES 3: 1.3305 High Oct 2 ‘24 
• RES 2: 1.3207/3274 High Oct 3 ‘24 / High Apr 3 and the bull trigger
• RES 1: 1.3016 50.0% retracement of the Apr 3 - 7 pullback     
• PRICE: 1.2910 @ 06:47 BST Apr 7
• SUP 1: 1.2824 Intraday low 
• SUP 2: 1.2792 50-day EMA
• SUP 3: 1.2679 Low Mar 4 
• SUP 4: 1.2559 Low Feb 28 

Last week’s climb in GBPUSD resulted in a break of 1.3015, the Mar 20 high. This confirms a resumption of the uptrend that started Jan 13 and maintains the bullish price sequence of higher highs and higher lows. Note too that moving average studies are in a bull-mode position, highlighting a dominant uptrend. The latest pullback is considered corrective, key support to watch lies at 1.2792, the 50-day EMA. The bull trigger is 1.3207, the Apr 3 high.

The EU is scheduled to hold a syndication while Austria, Germany, Portugal, Spain and Italy are all due to hold auctions this week. There is also the potential for Austrian, Belgian, Finnish and Italian syndications in upcoming weeks. We look for estimated gross issuance for the week of E34.2bln, a little higher than the E33.6bln last week.

For the full MNI EGB Issuance, Redemption and Cash Flow Matrix click here.

• The EU is due to hold a syndication in the upcoming week. We pencil in the launch of a new 20-year EU-bond.
• Tomorrow, the Netherlands will come to the market to hold an auction to issue E2.0-2.5bln of the 0.50% Jul-32 DSL (ISIN: NL0015000RP1).
• Austria will also hold an RAGB auction also tomorrow to sell a combined E2.3bln of the long 5-year 3.45% Oct-30 RAGB (ISIN: AT0000A38239) and the on-the-run 10-year 2.95% Feb-35 RAGB (ISIN: AT0000A3HU25).
• Finally tomorrow Germany look to hold an auction to launch the new 10-year 2.50% Feb-35 Green Bund (ISIN: DE000BU3Z047) for E3bln.

Germany, the Netherlands, France, Spain, Belgium, Finland and Italy are all due to sell bills this week. We expect issuance to be E31.5bln, up from E16.1bln last week.

• This morning, Germany will look to sell E2bln of the 6-month Oct 15, 2025 Bubill.
• Also this morning, the Netherlands will issue E1.0-1.5bln of the 4-month Jul 30, 2025 DTC and E1.0-2.0bln of the new 6-month Sep 29, 2025 DTC.
• This afternoon, France will look to come to the market to sell up to a combined E7.8bln of 13/28/34/50-week BTFs: E2.7-3.1bln of the 13-week Jul 9, 2025 BTF, E1.6-2.0bln of the new 28-week Oct 22, 2025 BTF, E0.3-0.7bln of the 34-week Dec 3, 2025 BTF and E1.6-2.0bln of the 50-week Mar 25, 2026 BTF.
• Tomorrow morning, Spain will issue 6-month Oct 10, 2025 letras and new 12-month Apr 10, 2026 letras. The size will be announced later today.
• Also tomorrow, Belgium will sell a combined E2.2-2.6bln of the 3/12-month TCs: an indicative E0.8bln of the Jul 10, 2025 TC and an indicative E1.6bln of the Apr 9, 2026 TC
• Next on tomorrow, Finland will look to sell a combined E2.0bln of the 7-month Nov 13, 2025 RFTB and the 10-month Feb 13, 2026 RFTB.
• To conclude the week, on Thursday Italy will sell a new 12-month BOT, potentially alongside a reopen of another BOT. Details will be announced later today.