SPAIN AUCTION RESULTS: Bono/Obli/ObliEi
Apr-04 08:47
| Coupon | 3.50% | 3.25% | 3.90% | 2.05% |
| Maturity | May-29 | Apr-34 | Jul-39 | Nov-39 |
| Instrument | Bono | Obli | Obli | Obli-Ei |
| ISIN | ES0000012M51 | ES0000012M85 | ES0000012L60 | ES0000012M69 |
| Amount | E2.186bln | E2.132bln | E1.745bln | E506mln |
| Previous | E1.708bln | E2.3bln | E2.323bln | E510mln |
| Avg yield | 2.848% | 3.191% | 3.531% | 1.329% |
| Previous | 2.857% | 3.162% | 3.630% | 1.381% |
| Bid-to-cover | 1.73x | 1.81x | 1.56x | 2.02x |
| Previous | 1.79x | 2.22x | 1.46x | 2.35x |
| Avg Price | 103.073 | 100.478 | 104.273 | 110.122 |
| Low Price | 103.050 | 100.440 | 104.210 | 110.020 |
| Pre-auction mid | 103.008 | 100.349 | 104.099 | 109.929 |
| Prev avg price | 103.078 | 100.737 | 103.124 | 109.388 |
| Prev low price | 103.050 | 100.700 | 103.040 | 109.320 |
| Prev mid-price | 102.999 | 100.575 | 102.974 | 109.181 |
| Previous date | 07-Mar-24 | 07-Mar-24 | 18-Jan-24 | 07-Mar-24 |
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Historical bullets
US TSYS: Firmer, TY Futures In Yesterday's Ranges
Mar-05 08:34
The rally in European bonds lends support to Tsys, although TYM4 sticks to yesterday’s range.
- Franch production data initially helped EGBs higher, before firmer-than-expected Spanish PMI readings capped the move.
- TYM4 last +0-06 at 110-30 (110-23-111-00 range).
- Next resistance comes in at the Mar 4/1 highs (111-01/02).
- Cash Tsy yields 2.0-2.5bp lower across the curve in a parallel shift.
- Services ISM data headlines the U.S. calendar today, although more focus falls on this week’s testimony from Fed Chair Powell & Friday’s NFP release.
- FOMC-dated OIS is little changed to a touch softer on the day, showing ~85bp of ’24 cuts, with ~20bp of cuts priced through June ’24.
- Fed Governor Barr will make a couple of appearances today, although they will be centred on regulatory matters so are unlikely to be too market moving re: Fed pricing.
EGB SYNDICATION: German 30-year Tap: Books open
Mar-05 08:33
- Guidance: +1.75bp area vs. DBR 1.8% 08/15/53 (DE0001102614) - MID
- Size: EUR Benchmark (MNI expects E3-4bln)
- Maturity: 15 August 2054
- Retention: The issuer may retain some bonds in a size to be specified
- Coupon: 2.5% Fixed, Ann. ACT/ACT, long first on 15 August 2025 (35 days accrued)
- Settlement: 12 March 2024 (T+5)
- ISIN: DE000BU2D004
- Bookrunners: Deutsche Bank, GSBE (B&D/DM), HSBC, Morgan Stanley and Nomura
- Timing: Books open / today's business
From market source
BONDS: EUREX ROLLS (updated)
Mar-05 08:31
EUREX ROLL: Most of the Volumes (~90%) is spread related in Eurex, trading outright and on legs.
A decent jump in Bobl spread around 65k in 3 clips, explains OEH4 trading twice the volume seen in Bund and Schatz.
- Buxl: 58%.
- Bund: 60%.
- Bobl: 72%.
- Schatz: 70%.
- BTP: 72%.
- BTS; 52%.
- OAT: 75%.
