FRANCE AUCTION RESULTS: OATi / OATei

Oct-20 10:00
0.10% Mar-36 OATi 0.10% Jul-36 OATei 0.10% Jul-53 OATei
ISIN FR0013524014 FR0013327491 FR0014008181
Amount E509mln E646mln E345mln
Previous E270mln E531mln E178mln
Avg yield 0.61% 0.76% 0.61%
Previous 0.21% -1.19% 0.12%
Bid-to-cover 2.51x 2.31x 2.43x
Previous 3.23x 2.28x 4.74x
Price 93.52 91.39 85.62
Previous 98.50 120.36 99.38
Pre-auction mid 93.215 90.876 84.603
Previous 98.305 120.149 98.262
Previous date 16-Jun-22 17-Mar-22 15-Sep-22

Historical bullets

EGB OPTIONS: Large Schatz downside

Sep-20 09:57

DUX2 107.10/106.60ps vs 107.7/108.10cs, bought the ps for 8.75 in 17.5k (adding)

USD: NZDUSD is through support

Sep-20 09:51
  • USD remains on the front foot, as Equities continue to slide.
  • NZDUSD is through support, and further downside momentum, opens to the April 2020 low, at 0.5844.

BONDS: Yields spike to decade high

Sep-20 09:45
  • EGBs and Bund resumed their moves lower, after the big beat in German PPI set out the tone.
  • This was combined by the Riksbank hiking their rates by 100bps.
  • Bund now targets the June peak and highest print since January 2014, at 1.928%.This would equate to 140.84.
  • Next support for the German 2yr Schatz, is at 1.721%, the June 2011 high.
  • Reference 107.18 = 107.13.
  • German curve fades the earlier bid, and bear flattens.
  • Biggest move in peripheral is in the Greek/Bund spread widening by 14.4bps at one point, now by 11bps, following Moodys decision not to upgrade Greece last Friday.
  • Gilt trades inline with Germany translating in a flat Gilt/Bund spread for the early session.Treasuries are getting dragged lower by Europe, but still lag, pushing the Tnote/Bund spread 5bps tighter but within the September range.
  • US 10yr Real Yield rose to its highest level since 2011.While US 2yr Yield is highest since December 2007.
  • Looking ahead, there's no tier 1 data for the session, with most investors waiting on the FOMC tomorrow.
  • Speakers, only sees Lagarde left for the afternoon session.