FINLAND AUCTION RESULTS: ORI operation
Apr-04 10:25
| 1.50% Sep-32 RFGB | 2.625% Jul-42 RFGB | |
| ISIN | FI4000523238 | FI4000046545 |
| Amount | E185mln | E170mln |
| Previous | E752mln | E936mln |
| Avg yield | 2.81% | 3.08% |
| Previous | 2.675% | 0.274% |
| Bid-to-cover | 2.09x | 1.21x |
| Previous | 2.01x | 1.57x |
| Avg Price | 90.27 | 93.68 |
| Pre-auction mid | 90.250 | 93.637 |
| Prev avg price | 90.11 | 147.43 |
| Prev mid-price | 89.744 | 147.178 |
| Previous date | 17-Jan-23 | 21-Sep-21 |
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GILT TECHS: (M4) Recovery Extends
Mar-05 10:24
- RES 4: 99.13 1.382 retracement of the Feb 26 - 29 bear leg
- RES 3: 99.00 Round number resistance
- RES 2: 98.89 1.236 retracement of the Feb 26 - 29 bear leg
- RES 1: 98.61 Intraday high
- PRICE: 98.45 @ Close Mar 5
- SUP 1: 97.91 Low Mar 4
- SUP 2: 97.42 Low Mar 1
- SUP 3: 96.83 Low Feb 29 and the bear trigger
- SUP 4: 96.00 Round number support
Gilt futures have traded higher today, extending the recovery from last week’s low. Resistance at 98.53, the Feb 26 high, has been pierced. A clear break of this hurdle would ease recent bearish pressure and instead signal scope for a continuation higher near-term, opening 98.89, a Fibonacci retracement projection. Key support and the bear trigger has been defined at 96.83, the Feb 29 low.
EGB SYNDICATION: 2.50% Aug-54 Bund tap: Launched
Mar-05 10:23
- Spread set earlier: 1.80% Aug-53 Bund (mid; DE0001102614) +0.75bp (guidance was +1.75bp area)
- Size: E4.5bln; E4.0bln allotted, E500mln retained (MNI had expected E3-4bln)
- Books closed in excess of E46bln (inc E1.6bln JLM interest)
- Settlement: 12 March 2024 (T+5)
- ISIN: DE000BU2D004
- Bookrunners: Deutsche Bank, GSBE (B&D/DM), HSBC, Morgan Stanley and Nomura
- Timing: Allocations and pricing to follow
From market source
CHINA STOCKS: CSI 300 Reverses Early Losses, HK Tech Struggles
Mar-05 10:23
The CSI 300 more than reversed an early sell off to finish +0.7%, while the Hang Seng was -2.6%.
- The lack of announcements re: immediate, overt policy support at the NPC probably disappointed some during early trade.
- That was before the solidifying of easing expectations on the back of long end special bond issuance and a steady ’24 GDP growth target (“around 5%) provided support.
- Elsewhere, ETF activity had some pointing to state-backed buying.
- HK tech names struggled after the U.S. Commerce Department announced it will bar exports of AI processors made by AMD to China. Hang Seng Tech Index -4.3%.
- Some mainland chip names pared losses after China stressed the need for self-reliance in the sector.
- Property sub-indices struggled as Country Garden saw the largest sales drop in seven years amid wind-up fears.
- Elsewhere in the sector, Vanke’s equities and bonds have plunged in recent days as investors grow concerned over the company’s ability to continue servicing debts (despite attempted assurances from the name).
- Some EV names benefitted from new regulatory criteria in the sector.
- Defence names rallied on confirmation of increased Chinese military spending.
- More broadly, Goldman Sachs’ wealth management executive expects China's three pillars of growth (property, infrastructure & exports) will weaken over the next decade. This resulted in the name cautioning investors re: adding exposure.
- Net northbound Stock Connect flows saw CNY1.6bn of mainland inflows.
