BOE: Amends Q2 '25 APF Schedule; Short Maturity Sale To Replace Long
Apr-10 11:06
The BOE has amended its Q2 '25 APF sales schedule: "In light of recent market volatility, the Bank will amend this schedule, and auction short maturity bonds on 14 April, instead of long maturity bonds. "
- "The Bank intends to reschedule the long maturity auction to the following quarter, in order to continue to reduce the APF as evenly as possible across maturity sectors, measured in initial proceeds terms. The schedule for Q2 is otherwise unchanged"
- 30-year Gilt yields fall ~2bp on that announcement to 5.41%. 2s30s flattens 1.5bps to 143.6bps.
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Historical bullets
FINLAND T-BILL AUCTION RESULTS: 8/11-Month RFTBs
Mar-11 11:05
| Type | 8-month RFTB | 11-month RFTB |
| Maturity | Nov 13, 2025 | Feb 13, 2026 |
| Amount | E685mln | E1.317bln |
| Target | E2bln | Shared |
| Previous | E1.008bln | E960mln |
| Avg yield | 2.27% | 2.29% |
| Previous | 2.350% | 2.895% |
| Bid-to-cover | 2.29x | 1.4x |
| Previous | 1.91x | 1.47x |
| Previous date | Feb 11, 2025 | Sep 10, 2024 |
Source: Bloomberg
US TSYS: J.P.Morgan Suggest Depleted Liquidity Factored Into Monday's Rally
Mar-11 11:00
Further to our previous Tsy bullet, J.P.Morgan have noted that “the magnitude of Monday’s rally could have been exacerbated by the low level of liquidity, as market depth declined to near its lowest levels this year.”
- Their market depth monitor assesses immediate market depth across 2-, 5-, 10- & 30-Year cash benchmarks at 08:30-10:30 NY on a daily basis.
US TSYS: Latest Gains Pared Amidst Solid Volumes, JOLTS and 3Y Supply Later On
Mar-11 10:56
- Treasuries sit mildly twist flatter having pared further large dovish moves with and shortly after the Asia open. The subsequent shift off highs has come with some stabilization in equities after yesterday’s heavy declines on growth concerns emanating from US policies.
- Today sees further labor data headlining the docket with the January JOLTS report, but with upcoming CPI/PPI reports on Wed/Thu looming large. It’s followed by 3Y supply after last month’s auction stopped through by 1.2bp along with a sizeable rise in indirect take-up.
- Cash yields range from 1.4bp higher (2s) to 0.3bp lower (30s).
- 2s10s sits at 31.9bp (-1.4bp) as it remains within recent ranges having steepened in early March.
- TYM5 is back little changed on the day at 111-09+ (-01) having pulled back from highs of 111-25, with heavy cumulative volumes of 635k.
- The trend structure remains bullish and the overnight high cleared resistance at 111-15 (Mar 5 high) to open 112-01 (Mar 4)/112-02 (Fibo projection).
- Data: JOLTS Jan (1000ET)
- Coupon issuance: US Tsy $58B 3Y Note Auction - 91282CMS7 (1300ET)
- Bill issuance: $70B 6W bill auction (1130ET)
