FRANCE AUCTION PREVIEW: On offer next week
Feb-10 10:09
E10.0-11.5bln of MT OATs:
- New 2.50% Sep-26 OAT (ISIN: FR_3Y)
- 0.75% Feb-28 OAT (ISIN: FR001400AIN5)
- 2.50% May-30 OAT (ISIN: FR0011883966)
E1.25-1.75bln of linkers:
- 0.10% Mar-29 OATei (ISIN: FR0013410552)
- 0.10% Mar-32 OATi (ISIN: FR0014003N51)
- 0.10% Jul-38 Green OATei (ISIN: FR001400AQH0)
Up to E6.1bln of 12/23/49-week BTFs:
- E2.4-2.8bln of the 12-week May 11, 2023 BTF
- E1.4-1.8bln of the new 23-week Jul 26, 2023 BTF
- E1.1-1.5bln of the 49-week Jan 24, 2024 BTF
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EURIBOR: EURIBOR FIX
Jan-11 10:04
- EUR001W 1.8790 -0.0100
- EUR001M 1.9220 -0.0130
- EUR003M 2.2980 0.0140
- EUR006M 2.8580 0.0380
- EUR012M 3.3700 0.0320
US TSY OPTIONS: Outright put buyer
Jan-11 09:57
TYG3 111p, bought for 2 in 9.4k vs 114.12+
ECB: ECB Terminal Rate Expectations Slip, Cut Pricing Continues To Rise
Jan-11 09:56
Terminal ECB rate pricing has slipped 3-4bp vs Tuesday's close, though had fallen as much as 5-6bp intraday following comments by ECB's Holzmann which were seen as leaning dovish vs his hawkish reputation.
- Peak rates are currently seen being reached in July after 147bp of hikes, implying depo rates a little under 3.50% (had closed just above 3.50% yest).
- Meanwhile, rate cut expectations beyond the peak continue to mount: the Sep23- Dec24 euribor futures spread now implying roughly 86bp of cuts from the peak to end-2024 (see chart).
- We came into 2023 with 60bp of cuts implied over that period.
Source: BBG, MNI
