BELGIUM AUCTION RESULTS: ORI Facility
Mar-31 10:11
| 5.50% Mar-28 OLO | 5.00% Mar-35 OLO | |
| ISIN | BE0000291972 | BE0000304130 |
| Amount | E300mln | E200mln |
| Previous | E276mln | E100mln |
| Avg yield | 2.716% | 3.165% |
| Previous | 1.011% | -0.002% |
| Bid-to-cover | 2.65x | 2.43x |
| Previous | 2.41x | 3.03x |
| Avg Price | 112.805 | 118.065 |
| Low Price | 112.79 | 118.06 |
| Pre-auction mid | 112.762 | 118.020 |
| Prev avg price | 125.510 | 168.185 |
| Prev low price | 125.51 | |
| Prev mid-price | 125.482 | 168.185 |
| Previous date | 06-May-22 | 06-Aug-21 |
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GILT AUCTION RESULTS: Relatively strong gilt auction
Mar-01 10:09
- That was a relatively strong 3.75% Jan-38 gilt auction with the LAP above the pre-auction mid-price even when taking into account the move lower into the auction cutoff time.
- The tail of 0.4bp was tight - we have only seen a tighter tail once in 2023 at a gilt auction while the last gilt auction with a maturity in excess of 10-years with a tail of 0.4bp was on 1 September, before the government-induced market turmoil.
- Despite the relatively strong auction, the market price of the 3.75% Jan-38 gilt has moved lower post-auction.
ECB: ECB's Nagel Expresses "Firm Conviction" That No Rate Cuts Are Forthcoming
Mar-01 10:07
Nagel makes introductory statement on the Bundesbank annual report, speaking characteristically hawkishly. Full comments are found here: https://www.bundesbank.de/en/press/speeches/introd...
- On QT: "there is no reason for supplying the financial system over the long term with such ample liquidity as is being provided now. I am therefore in favour of taking a steeper path of reduction starting in July"
- On rates: "the interest rate step announced for March will not be the last. Further significant interest rate steps might even be necessary afterwards"
- On rate cuts: Until [underlying inflation returns to medium-term target], interest rate cuts are a non-starter. That is my firm conviction."
GILT AUCTION RESULTS: 3.75% Jan-38 Gilt
Mar-01 10:03
| 3.75% Jan-38 Gilt | Previous syndication | |
| Amount | GBP2.50bln | GBP6.00bln |
| Avg yield | 4.142% | 4.0756% |
| Bid-to-cover | 2.41x | |
| Tail | 0.4bp | |
| Avg price | 95.674 | 96.339 |
| Low price | 95.632 | |
| Pre-auction mid | 95.589 | |
| Previous date | 09-Nov-22 |
