FRANCE AUCTION PREVIEW: On offer next week
Jun-06 09:03
France has announced it will be looking to sell up to a combined E7.4bln of the following BTFs at its auction next Tuesday, June 10:
- E0.1-0.5bln of the 13-week Sep 10, 2025 BTF
- E2.8-3.2bln of the new 14-week Sep 17, 2025 BTF
- E1.4-1.8bln of the 27-week Dec 17, 2025 BTF
- E1.5-1.9bln of the 49-week May 20, 2026 BTF
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FRANCE AUCTION RESULTS: Decent LT OAT Auction
May-07 09:02
Top of the E10-12bln range sold, with decent bid-to-cover ratios seen across lines. The majority of the sale was allocated to the on-the-run 3.20% May-35 OAT (E7.8bln)
- The lowest accepted prices were above pre-auction mid prices in all cases.
- Light upside in OAT futures seen following the publication of the results, now +15 ticks to fresh session highs of 125.00.
BUNDS: /SWAPS: Modest Knee Jerk Weakness On Latest Fiscal Speculation Fades
May-07 09:01
Bunds fade the initial downtick that came alongside the RTRS headlines covering German defence spending increases, with similar moves seen in swap spreads.
- Markets have treated the news as being within the range of pre-existing estimates, although the story seems to point to a more front-loaded spending increase than many sell-side names expected.
- Bund futures respected prior session lows and swap spreads only experienced modest moves lower before retracing.
MNI: EUROZONE MAR RETAIL SALES -0.1% M/M, +1.5% Y/Y
May-07 09:00
- MNI: EUROZONE MAR RETAIL SALES -0.1% M/M, +1.5% Y/Y
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