GERMAN AUCTION RESULTS: New 3.00% Aug-36 Bund
Jul-08 09:33
| 3.00% Aug-36 Bund* | Previous | |
| ISIN | DE000BU2Z072 | DE000BU2Z064 |
| Total sold | E6bln | E5bln |
| Allotted | E3.902bln | E3.982bln |
| Avg yield | 3.09% | 3.06% |
| Bid-to-offer | 0.67x | 1.36x |
| Bid-to-cover | 1.03x | 1.71x |
| Avg Price | 99.20 | 98.68 |
| Low Price | 99.18 | 98.67 |
| Pre-auction mid | 98.636 | |
| Previous date | 10-Jun-26 |
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GERMAN T-BILL AUCTION RESULTS: 5/11-Month Bubills
Jun-08 09:32
| Type | 5-month Bubill | 11-month Bubill |
| Maturity | Nov 18, 2026 | May 12, 2027 |
| Allotted | E1.527bln | E1.65bln |
| Previous | E1.973bln | E1.92bln |
| Total sold | E2bln | E2bln |
| Target | E2.0bln | E2.0bln |
| Avg yield | 2.366% | 2.563% |
| Previous | 2.247% | 2.517% |
| Bid-to-cover | 1.62x | 2.41x |
| Previous | 2.21x | 1.66x |
| Bid-to-offer | 1.24x | 1.99x |
| Previous | 2.18x | 1.6x |
| Previous date | May 18, 2026 | May 18, 2026 |
EGBS: Growth Concerns Drive Steepening Risks To German 5s30s
Jun-08 09:31
The German curve has bear flattened this morning (Bobl yields up 2.5bps, 30-year Bund yields up 2bps), with the latest escalation between Israel and Iran reducing prospects of a near-term US-Iran ceasefire deal. 5s30s is currently 79.5bps, with 75bps presenting the initial downside target to monitor. Although a more protracted conflict raises the prospects of a more aggressive ECB tightening cycle, increased growth risks could dominate in the belly of the curve, presenting steepening risks to the likes of 5s30s.
- Bund futures (RXU6) are -30 ticks at 125.23. Initial support is the May 22 low at 125.08.
- 10-year EGB spreads to Bunds have widened a little versus Friday’s close, with BTPs and GGBs around 1bp wider.
- This morning, German factory orders were much weaker than expected (-3.8% M/M vs -2.0% cons, 4.5% prior), even after excluding large scale orders. The June Sentix survey was a little less negative than feared.
- The ECB decision is on Thursday, with a 25bp hike firmly the base case, leaving focus on updated projections and guidance.
Figure 1: German 5s30s Curve
FOREX: CME FX Rolls
Jun-08 09:24
Expiry is Monday 15th June. Noted last Week that some Desks have started to roll into Sept earlier. CME flows will increase this Week.
- EUR: 12% (below pace).
- GBP: 35% (well above pace).
- CHF: 28% (well above pace).
- JPY: 27% (well above pace).
- CAD: 16% (above pace).
- AUD: 17% (above pace).
- NZD: 35% (well above pace).
- SEK: 52% (well above pace).
- NOK: 35% (well above pace).
