BONDS: Continued lifts in Govies and Rates

• E5bln WNG (March 1, 2038)
• Reoffer: 99.651 / 3.305%
• Coupon: 3.25%
• Spread set earlier at Mar-37 BTP +8bps (Initial guidance was 0.95% Mar-37 BTP +11bps area then revised to +9bps area +/-1bp WPIR)
• Books in excess of E25bln (inc JLM interest)
• Bookrunners: Barclays (B&D), GS, JPM, Nomura, UniCredit
• Timing: FTT: 2:15pm BST

Via Bloomberg / Dow Jones

Early roll update: nearing 25% completion give-or-take (pace of 2s and 10Y ultra bond continues to lag) ahead May 31 First Notice date. Heavier volumes making up appr half early session volumes in 5s and 10s. Current markets:

• TUM/TUU 332,900 from 12.62 to 13.12, 12.12 last, 19% complete
• FVM/FVU 511,800 from 12.0 to 12.75, 12.75 last, 25% complete
• TYM/TYU 504,000 from 11.75 to 13.00, 12.0 last, 22% complete
• UXYM/UXYU 118,500 from 1-06 to 1-06.5, 1-06.25 last, 16% complete
• USM/USU 38,300 from 30.25 to 30.75, 30.5 last, 25% complete
• WNM/WNU 152,700 from -3.75 to -2.5, -3.5 last, 32% complete

Reminder, Jun futures won't expire until next month: 10s, 30s and Ultras on June 21, June 30 for 2s and 5s.

ECB net asset purchases hit the highest in a month in the week to May 13, rising by E12.8bln vs E8.6bln prior.

• This was underpinned by an acceleration in net PSPP buys to E9.7bln, vs E3.8bln prior. This offset modest declines in both net Covered Bond and PEPP purchases, while CSPP and ABS buys picked up pace slightly.
• Though PEPP net buys amounted to E1.8bln, the 4-week rolling total was flat. Notably, last week saw E7.2bln in PEPP redemptions.