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Oracle's latest 8Pt jumbo issuance of $25B puts it in the top-10 largest issuers on record:

• Date $MM Issuer (Priced *, Launch #)
• 02/02 $25B #Oracle $3B 3Y +95, $500M 3Y SOFR+111, $3.5B 5Y +115, $3B +7Y +130, $5B 10Y +145, $2.25B 20Y +170, $5B 30Y +180, $2.75B 40Y +195
• 02/02 $2.6B #GE Vernova $600M 5Y +45, $1B 10Y +65, $1B 30Y +78

Gilts outperformed Bunds at the start of a busy week for European risk events.

• EGBs and Gilts caught a bid early in a risk-off move after precious metals' price collapse Friday and equity weakness in Asia-Pac trade coming out of the weekend.
• Global bonds pulled back with US Treasuries after the day's key data point, ISM Manufacturing, had one of its largest upside surprises in decades.
• On the day, the German curve leaned bear flatter with the UK's slightly bull steeper.
• Periphery/semi-core EGB spreads were little changed, including BTPs after widening early despite Italy's ratings outlook getting revised to Positive from Stable by S&P on Friday.
• OATs, too, were largely unchanged; after the cash close France's parliament adopted a 2026 budget after no-confidence votes against the government failed (this had been expected).
• Focus remains on the January flash inflation data to come this week (including Eurozone on Wednesday) and of course the BOE and ECB decisions on Thursday.

Closing Yields / 10-Yr EGB Spreads To Germany:

• Germany: The 2-Yr yield is up 2.5bps at 2.114%, 5-Yr is up 3.1bps at 2.448%, 10-Yr is up 2.5bps at 2.868%, and 30-Yr is up 2.2bps at 3.516%.
• UK: The 2-Yr yield is down 1.5bps at 3.703%, 5-Yr is down 1.4bps at 3.936%, 10-Yr is down 1.6bps at 4.506%, and 30-Yr is down 1.2bps at 5.273%.
• Italian BTP spread up 0.1bps at 61.4bps / Spanish down 0.4bps at 36.5bps

• RES 4: 1.3913 High Sep 14 2021       
• RES 3: 1.3889 1.00 proj of the Nov 4 - Jan 6 - Jan 19 price swing
• RES 2: 1.3868 High Jan 27 and the bull trigger   
• RES 1: 1.3814 High Jan 30
• PRICE: 1.3640 @ 16:09 GMT Feb 02
• SUP 1: 1.3623 Low Feb 02
• SUP 2: 1.3578 20-day EMA
• SUP 3: 1.3471 25-day EMA 
• SUP 4: 1.3402 Low Jan 22  

GBPUSD has pulled back from its recent highs. The move down is considered corrective and a continuation lower would allow a recent overbought condition to unwind. The initial firm support to watch is at the 20-day EMA, at 1.3578. Support at the 50-day EMA lies at 1.3471. The medium-term trend theme remains bullish. The bull trigger has been defined at 1.3868, the Jan 27 high.