PORTUGAL AUCTION PREVIEW: On offer next week
Jun-06 12:06
Portugal has announced it will be looking to sell a combined E1.00-1.25bln of the following at its auction next Wednesday, June 11:
- the 0.90% Oct-35 OT (ISIN: PTOTENOE0034)
- the 3.625% Jun-54 OT (ISIN: PTOTE3OE0025)
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US DATA: Mortgage Rate Lending Standards Tighten A Little Further
May-07 12:05
MBA composite mortgage applications unsurprisingly received a boost from lower rates this week although there was limited passthrough to mortgage rates in a further tightening of lending standards.
- Composite applications increased 11% last week (sa), leaving them back close to where they were in late March having jumped 20% in the first week of April as rates tumbled following Apr 2 tariff announcements before subsequently declining 23% over the next three weeks.
- The breakdown by new purchases and refis follows a similar pattern, just with refis mostly more volatile.
- A reminder of relative levels: composite applications at 53% of 2019 levels, new purchases at 63% and refis at 42%.
- The 30Y conforming rate fell 5bp last week to 6.84% (lowest since week of Apr 11) vs a 13bp decline in the average 10Y swap rate through the week (although the average of 3.69% came with a wide range of 3.59-3.79%).
- The 30Y conforming to 10Y swap spread of 315bp is up from sub-280bps in late February for its highest since Feb 2024.
GILT PAOF RESULTS: GBP1124.998mln of the 4.375% Mar-30 Gilt sold.
May-07 12:03
- GBP1125.0mln have been available.
- This leaves GBP24.199bln of the gilt in issue.
STIR: Repo Reference Rates
May-07 12:02
- Secured Overnight Financing Rate (SOFR): 4.32% (-0.01), volume: $2.620T
- Broad General Collateral Rate (BGCR): 4.31% (+0.00), volume: $1.075T
- Tri-Party General Collateral Rate (TCR): 4.31% (+0.00), volume: $1.035T
- (rate, volume levels reflect prior session)
