FRANCE AUCTION PREVIEW: On offer next week

Jul-28 09:04

E8-9bln of LT OATs (slightly larger auction size than we had expected given it is August, but still smaller than other recent auctions):

Up to E6.2bln of 12/23/49-week BTFs:

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Jun-28 09:00

Jun-28 08:57

Bund and Treasuries ticks to session high, but still well below yesterday's best levels.
Resistance in Bund is still at 134.95.
TYU3 resistance will be at 113.13, yesterday's high.
The lack of volumes, helps exacerbate the limited moves.
Nasdaq futures has broken its overnight low, and this helps the Emini to its intraday lows.
At current levels, would see NDX open down 0.4% this afternoon.

Jun-28 08:53

Worth noting this particular comment from ECB's Vujcic at Sintra on the ECB balance sheet:

"There might be further decisions [on halting APP reinvestments] but at the moment I think this is what we will do” and “we might reconsider [PEPP]"
Follows a report from BBG earlier today citing unnamed officials that were considering the acceleration of the unwind of the balance sheet, with options including active sales or phasing the out of reinvestment of PEPP bonds.
In May, the ECB confirmed that PEPP reinvestments are set to continue through to end-2024, and the bank were "determined" to use rates as the main tool while QT runs in the background. Recent rhetoric from ECB speakers suggest a more activist approach on the balance sheet could be considered as the bank nears the peak rate - although the BBG report states that "no formal discussion has taken place and no decision is imminent".
ECB's Holzmann, in an interview with MNI in April, told us "[PEPP] is currently used as a kind of a buffer towards difference in spreads. It’s proved a useful instrument, but you cannot keep this system forever."

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