GILT AUCTION RESULTS: Decent 4.375% Mar-28 auction
Apr-30 09:13
Decent 4.375% Mar-28 auction: 3.48x bid-to-cover ratio for the GBP4.5bln issued. That’s the highest bid-to-cover for this Gilt since the November 2024 launch. The auction size was also larger than the previous issues (which ranged between GBP4-4.25bln).
- The 0.2bp tail was the joint tightest on record for this line, alongside the January re-opening (0.4bp tail in March, 0.5bp in Feb).
- Lowest accepted price of 101.438 above the 101.4305 pre-auction mid-price. The secondary market price has moved up to 101.467 following the publication of the results.
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SWAPS: German Long End ASWs Unwind All Of Early March Move Lower
Mar-31 09:07
Modest widening in German ASWs this morning given the risk-off price action detailed elsewhere, spreads across the curve ~0.2-0.5bp wider vs. 3-month Euribor.
- Note that Bund and Buxl spreads have unwound effectively all the sell off that followed the announcement that initially indicated the surprise, expedited debt-brake tweak and related fiscal loosening.
- The combination of a lack of an immediate shift higher in German issuance, already short positioning in ASWs and U.S. tariff risks has countered the initial move lower in ASW spreads and does present risks to any fresh move lower in long end spreads in the immediate term.
- Still, fundamentals appear to continue to screen bearish for long end spreads over the medium-term.
MNI: ITALY MAR FLASH HICP +1.6% M/M, +2.1% Y/Y
Mar-31 09:03
- ITALY MAR FLASH HICP +1.6% M/M, +2.1% Y/Y
EURIBOR: EURIBOR FIX - 31/03/25
Mar-31 09:03
Source: EMMI/Bloomberg
- EUR001W 2.3880 -0.0130
- EUR001M 2.3580 0.0140
- EUR003M 2.3360 0.0080
- EUR006M 2.3360 -0.0180
- EUR012M 2.3060 -0.0180
