OPEC+: OPEC+ Set To Weigh Output Increase - Bloomberg
Jun-27 15:36
"*OPEC+ IS SET TO WEIGH ANOTHER SUPER-SIZED OIL OUTPUT INCREASE" - Bloomberg
Our commodities team notes that crude has slipped on this headline, likely exacerbated by a lack of material headline flow since the Iran/Israeli ceasefire was announced.
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US TSYS: Round Number 10Y and 30Y Yields Tempt Some Entry
May-28 15:32
- A brief return to 5.00% for the 30Y yield and the 10Y yield coming just shy of 4.50% has elicited a quick bid in Treasuries, currently at 4.991% and 4.487% respectively.
- Treasuries are still close to recent session lows though in what’s been a light session for headlines.
- TYU5 trades at 110-06 (-10+) having touched 110-03+, back at the lower end of yesterday’s range. Resistance is seen at 110-21+ (50-day EMA) before a key 110-23 (May 16 high) but the bear cycle remains in play with support at 109-12+ (May 22 low).
- The earlier firming starting a little before 0900ET had coincided with a Navarro op-ed in The Hill that pushed back on the bond market reaction to Trump’s reconciliation bill, although had appeared more in keeping with a broader bid that saw further BTP outperformance (which has since been pared).
- Some recent larger flow: TU (14.4k) suggested buyer followed more recently by TU (5k) suggested seller & FV(10k)/WN(2.4k) suggested steepener.
- Quarterly roll is around 90% for most major benchmarks, including TY a little below.
- Ahead sees a 5Y auction (1300ET) before the FOMC minutes (1400ET).
- Yesterday’s 2Y auction was solid, trading through by 1bp. Last month’s 5Y traded through by 1bp and the bid-to-cover ticked up after what had previously been the lowest in nine auctions.
FED: US TSY 17W BILL AUCTION: HIGH 4.220%(ALLOT 76.52%)
May-28 15:32
- US TSY 17W BILL AUCTION: HIGH 4.220%(ALLOT 76.52%)
- US TSY 17W BILL AUCTION: DEALERS TAKE 26.68% OF COMPETITIVES
- US TSY 17W BILL AUCTION: DIRECTS TAKE 11.41% OF COMPETITIVES
- US TSY 17W BILL AUCTION: INDIRECTS TAKE 61.91% OF COMPETITIVES
- US TSY 17W BILL AUCTION: BID/CVR 3.36
FED: US TSY 1Y-11M FRN AUCTION: HIGH MARGIN 0.144%; ALLOTMENT 57.11%
May-28 15:32
- US TSY 1Y-11M FRN AUCTION: HIGH MARGIN 0.144%; ALLOTMENT 57.11%
- US TSY 1Y-11M FRN AUCTION: DEALERS TAKE 34.94% OF COMPETITIVES
- US TSY 1Y-11M FRN AUCTION: DIRECTS TAKE 1.97% OF COMPETITIVES
- US TSY 1Y-11M FRN AUCTION: INDIRECTS TAKE 63.10% OF COMPETITIVES
- US TSY 1Y-11M FRN AUCTION: BID/CVR 2.95
