EU REAL ESTATE: NetZero Properties (NZPNZP): Inaugural 4yr PULLED

Germany and Finland will look to come to the market with auctions this week. We look for gross issuance of E10.1bln in the week, down from E27.0bln last week. We think that this will mark the lowest week of gross issuance of the summer – but net issuance will remain positive with no coupon or redemptions due.

For the full document with a recap of issuance so far this week and a look ahead to issuance through the remainder of this week and next week click here.

• Germany will kick off issuance for the week this morning with E6bln of the 2.90% Oct-31 Bobl (ISIN: DE000BU25075) on offer.
• Finland will also look to hold a conventional auction today with a combined up to E1.5bln of the on-the-run 10-year 3.35% Sep-36 RFGB (ISIN: FI4000602891) and the 0.50% Apr-43 RFGB (ISIN: FI4000517677) on offer.
• Germany will return to the market tomorrow with a LT Bund auction. E1bln of the 1.00% May-38 Bund (ISIN: DE0001102598) will be on offer alongside E1.5bln of the 1.80% Aug-53 Bund (ISIN: DE0001102614).

• RES 4: 0.8652 High Jun 26 
• RES 3: 0.8632 76.4% retracement of the Jun 22 - Jul 15 bear leg  
• RES 2: 0.8601 61.8% retracement of the Jun 22 - Jul 15 bear leg
• RES 1: 0.8588 High Jul 30
• PRICE: 0.8542 @ 06:47 BST Aug 11
• SUP 1: 0.8518/8455 Low Jul 22 / 15 and the bear trigger 
• SUP 2: 0.8443 2.236 projection of the May 18 - 25 - Jun 22 swing   
• SUP 3: 0.8400 Round number support
• SUP 4: 0.8374 76.4% retrace of the Dec 19 ‘24 - Nov 14 ‘25 bull leg  

Despite Monday's pullback EURGBP continues to trade closer to its recent highs. Note that medium-term trend signals highlight a bearish cycle and this suggests the latest recovery is likely corrective. Key resistance and a pivot level is the 50-day EMA at 0.8578. It has been pierced, a clear break of it would signal scope for a stronger recovery near-term. Key support and the bear trigger is unchanged at 0.8455, the Jul 15 low.

"RBA GOV BULLOCK: BOARD IS THINKING HARD ABOUT WHEN IT MIGHT BE APPROPRIATE TO RAISE RATES - [RTRS]

(when Bullock was asked about rate outlook and market pricing for early next year. Bullock's response didn't appear as hawkish as the above headline suggests though, noting they didn't discuss a cut at this meeting. Bullock noted they would get quite a bit of information before the next board meeting in Sep and that if upside inflation risks evolve they would have to think hard about a hike)