OAT: Block Trade
Oct-09 09:44
OAT Block trade, suggest buyer: * OATZ5 3.15k at 121.63....
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BELGIUM T-BILL AUCTION RESULTS: Short/Long TC Results
Sep-09 09:37
| Maturity | Dec 11, 2025 | Sep 10, 2026 |
| Amount | E1.371bln | E2.03bln |
| Target | E3-3.4bln | Shared |
| Previous | E1.585bln | E924mln |
| Avg yield | 1.923% | 1.986% |
| Previous | 1.935% | 1.986% |
| Bid-to-cover | 2.12x | 1.64x |
| Previous | 1.6x | 2.33x |
| Previous date | Sep 02, 2025 | Sep 02, 2025 |
GERMAN AUCTION RESULTS: 0% Aug-31 / 2.50% Feb-35 Green Bunds
Sep-09 09:34
| 0% Aug-31 Green Bund | 2.50% Feb-35 Green Bund | |
| ISIN | DE0001030732 | DE000BU3Z047 |
| Total sold | E500mln | E1bln |
| Allotted | E491mln | E851mln |
| Previous | E923mln | E931mln |
| Avg yield | 2.25% | 2.61% |
| Previous | 2.07% | 2.58% |
| Bid-to-offer | 2.27x | 1.62x |
| Previous | 1.10x | 1.92x |
| Bid-to-cover | 2.31x | 1.91x |
| Previous | 1.20x | 2.07x |
| Avg Price | 87.65 | 99.05 |
| Low Price | 87.64 | 99.04 |
| Pre-auction mid | 87.587 | 98.985 |
| Prev avg price | 83.56 | 99.34 |
| Prev low price | 83.52 | 99.34 |
| Prev mid-price | 83.566 | 99.294 |
| Previous date | 02-Nov-22 | 22-Jul-25 |
BONDS: Solid Gilt Auction Helps UK Paper Lightly Outperform German Peers
Sep-09 09:24
The strong 20-year Gilt auction helps UK paper extend this morning’s light outperformance versus German peers. Gilt yields are now 0.5 to 1.5bps higher across the curve, compared to the 0.5 to 2.5bp rise in German yields. The 10-year tenor underperforms on the UK curve, while Germany sees a clearer bear steepening dynamic.
- That leaves the 10-year Gilt/Bund spread 1bp narrower at 195bps, still above the August 25 closing low of 193bps.
- The German 5s30s curve is 1bp steeper at 106.2bps, moving away from this month’s 104.8bp low.
- Bund futures have drifted lower through the morning, currently -24 ticks at 129.07. The 129.00 handle has contained intraday downside for now, with key support not seen till 128.25 (Sep 4 low).
- Gilt futures have moved up to 91.48 following the 20-year auction, still -7 ticks on the session and shy of yesterday’s 91.61 high.
- OAT futures (-6 ticks at 121.83) haven’t seen much reaction to ex-PM Bayrou’s expected ousting following yesterday’s no-confidence vote. President Macron will try and appoint a new PM in the coming days. Note that a roll in Bloomberg’s 10-year OAT benchmark (now the 3.50% Nov-35 OAT) has skewed the 10-year OAT/Bund spread up to above 80bps. Meanwhile, the benchmark 10-year BTP/OAT spread is now negative for the first time.
- Alongside the Gilt auction, the Netherlands and Austria have sold bonds today. German greens are due at 1030BST, with the EU also holding a dual tranche syndication.
- Today’s regional data (French July industrial production and UK BRC shop sales) were not market moving. Global focus turns to the US preliminary payrolls revisions at 1500BST.
