FRANCE AUCTION PREVIEW: On offer next week
Jun-27 09:04
France has announced it will be looking to sell a combined E10-12bln of the following LT OATs at its auction next Thursday, July 3:
- the 3.20% May-35 OAT (ISIN: FR001400X8V5)
- the 3.60% May-42 OAT (ISIN: FR001400WYO4)
- the 3.75% May-56 OAT (ISIN: FR001400XJJ3)
France has also announced it will be looking to sell up to a combined E7.3bln of the following BTFs at its auction next Monday, June 30:
- E2.5-2.9bln of the 13-week Oct 1, 2025 BTF
- E0.2-0.6bln of the new 22-week Jan 14, 2026 BTF
- E1.6-2.0bln of the new 28-week Jan 14, 2026 BTF
- E1.4-1.8bln of the 50-week Jun 17, 2026 BTF
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GILT AUCTION RESULTS: 0.875% Jul-33 Green Gilt
May-28 09:03
| 0.875% Jul-33 Green Gilt | Previous | |
| Amount | GBP2.75bln | GBP3.00bln |
| Avg yield | 4.511% | 4.473% |
| Bid-to-cover | 3.56x | 3.10x |
| Tail | 0.3bp | 0.7bp |
| Avg price | 75.371 | 74.783 |
| Low price | 75.354 | 74.744 |
| Pre-auction mid | 75.328 | 74.762 |
| Previous date | 29-Jan-25 |
OPTIONS: Expiries for May28 NY cut 1000ET (Source DTCC)
May-28 08:58
- EUR/USD: $1.1300(E1.4bln), $1.1390-00(E1.4bln), $1.1445-55(E1.0bln), $1.1500-20(E1.4bln)
- USD/JPY: Y141.00($1.3bln), Y141.75-80($990mln), Y143.00($2.0bln), Y143.90-00($1.9bln), Y145.00($1.8bln)
- AUD/USD: $0.6325-30(A$500mln)
- NZD/USD: $0.5725(N$1.1bln)
GILTS: Curve Bear Flattens, Light Pressure Into Bidding Deadline
May-28 08:54
Gilt futures to fresh session lows (91.02) as we move towards the bidding deadline for the GBP2.75bln auction of the 0.875% Jul-33 green gilt.
- Fresh downward momentum in the contract would expose the 23 May low (90.46).
- Yields 2.5-4.5bp higher, curve bear flattens.
- While fundamentals and the UK fiscal picture point to continued curve steepening, the DMO’s more activist approach to issuance (ongoing skew further forwards in terms of the maturity profile, as it looks to facilitate demand changes) presents ongoing risks to this idea.
