The latest German ETS CAP3 auction cleared higher at 72.30/ton CO2e, compared with 71.11/ton CO2e in...
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4.375% Mar-30 Gilt | Previous | |
Amount | GBP4.50bln | GBP4.50bln |
Avg yield | 3.977% | 4.142% |
Bid-to-cover | 3.23x | 2.95x |
Tail | 0.4bp | 1.0bp |
Avg price | 101.721 | 101.009 |
Low price | 101.704 | 100.963 |
Pre-auction mid | 101.687 | 100.985 |
Previous date | 09-Apr-25 |
Top of the E10-12bln range sold, with decent bid-to-cover ratios seen across lines. The majority of the sale was allocated to the on-the-run 3.20% May-35 OAT (E7.8bln)
Bunds fade the initial downtick that came alongside the RTRS headlines covering German defence spending increases, with similar moves seen in swap spreads.