FED: NY Fed To Run Regular Morning Standing Repo Ops

$17.025B to price Monday:

• Date $MM Issuer (Priced *, Launch #)
• 04/28 $5B #Alphabet  $750M 5Y +32, $1.25B 10Y +47, $1.5B 30Y +62, $1.5B 40Y +70
• 04/28 $2.5B #Philip Morris $750M 3Y +58, $400M 3Y SOFR+83, $750M 5Y +75, $600M 10Y +93
• 04/28 $2B #Keurig Dr Pepper $500M each: 1.5Y SOFR+58, 3Y +68, 5Y +83, 10Y +98
• 04/28 $1.25B #Procter & Gamble $700M 5Y +28, $550M 10Y +43
• 04/28 $1.125B #Consumer Energy $500M +5Y +67, $625M 10Y +87
• 04/28 $1.1B #Northern States Power $600M 10Y +83, $500M 30Y +98
• 04/28 $1.1B #CBRE Services $600M 5Y +120, $500M 10Y +135
• 04/28 $750M #General Dynamics 10Y +78
• 04/28 $700M *Posco Holdings $400M 5Y +137.5, $300M 10Y +157.5
• 04/28 $700M *Kookmin Bank $400M 3Y +77.5, $300M 5Y +82.5
• 04/28 $500M #Colgate Palmolive 5Y +38
• 04/28 $500M #DR Horton +5Y +103
• 04/28 $Benchmark Goldman Sachs investor calls

European yields backed up slightly Monday, reversing the modest declines seen Friday.

• Various factors weighed on core FI in a session that was devoid of market-moving data (Spanish Q1 unemployment saw a notable uptick).
• These factors included slightly more positive risk-on tone on US tariffs coming in from the weekend, and reports Monday morning of a Ukraine proposal for a full 30-day ceasefire with Russia.
• While a widespread Spanish and Portuguese energy blackout made headlines, the market impact was limited.
• The German and UK curves both bear steepened, though Schatz/Bobl notably underperformed their UK counterparts.
• Periphery/semi-core EGBs were mixed and little changed on the day.
• The April Eurozone flash inflation round starts Tuesday with Spain - MNI's preview is here.

Closing Yields / 10-Yr EGB Spreads To Germany

• Germany: The 2-Yr yield is up 2.3bps at 1.742%, 5-Yr is up 4.2bps at 2.059%, 10-Yr is up 5.2bps at 2.521%, and 30-Yr is up 5.8bps at 2.947%.
• UK: The 2-Yr yield is up 0.8bps at 3.866%, 5-Yr is up 1.2bps at 3.986%, 10-Yr is up 3bps at 4.509%, and 30-Yr is up 5.1bps at 5.27%.
• Italian BTP spread up 0.3bps at 110.8bps  / Spanish spread up 0.6bps at 66bps

• RES 4: 0.8800 Round number resistance      
• RES 3: 0.8781 2.236 proj of the Mar 3 - 11 - 28 price swing
• RES 2: 0.8768 High Nov 20 ‘23
• RES 1: 0.8624/0.8738 High Apr 21/ High Apr 11 and the bull trigger 
• PRICE: 0.8500 @ 16:45 BST Apr 28 
• SUP 1: 0.8494 Low Apr 28
• SUP 2: 0.8477 61.8% retracement of the Mar 28 - Apr 11 rally  
• SUP 3: 0.8457 50-day EMA  
• SUP 4: 0.8415 76.4% retracement of the Mar 28 - Apr 11 rally

GBP strength Monday has prompted EUR/GBP to trade through a major support area we flagged last week at 0.8520-31 - marking both the early April pullback low as well as the 50% retracement of the tariff-inspired upleg off 0.8323. Monday weakness exposes the 50-day EMA at 0.8457. A doji Japanese candle pattern on Friday, highlights an early reversal signal and if correct, the end of the correction. A resumption of gains would refocus attention on 0.8738, the Apr 11 high and bull trigger.