PORTUGAL AUCTION RESULTS: OT Results
May-14 09:37
| 1.65% Jul-32 OT | 4.10% Feb-45 OT | |
| ISIN | PTOTEYOE0031 | PTOTEBOE0020 |
| Amount | E548mln | E702mln |
| Previous | E485mln | E432mln |
| Avg yield | 2.72% | 3.75% |
| Previous | 3.38% | 3.30% |
| Bid-to-cover | 1.97x | 1.92x |
| Previous | 2.51x | 2.16x |
| Avg Price | 93.14 | 104.77 |
| Pre-auction mid | 93.035 | 104.332 |
| Prev avg price | 86.95 | 111.60 |
| Prev mid-price | 86.749 | 111.130 |
| Previous date | 13-Sep-23 | 13-Nov-24 |
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GERMAN T-BILL AUCTION RESULTS: 12-month bubills
Apr-14 09:34
| Type | 12-month Bubill |
| Maturity | Apr 15, 2026 |
| Allotted | E2.4945bln |
| Previous | E1.625bln |
| Total sold | E3bln |
| Target | E3bln |
| Avg yield | 1.864% |
| Previous | 2.133% |
| Bid-to-cover | 2.58x |
| Previous | 1.87x |
| Bid-to-offer | 2.14x |
| Previous | 1.01x |
| Previous date | Mar 17, 2025 |
BONDS: Gilts Unwind A Portion Of Last Week's Selloff, Outperforming Bunds
Apr-14 09:30
The 10-year Gilt/Bund spread has tightened 5bps to 213bps, with UK paper staging a light relief rally alongside USTs this morning. Market moving headline flow has been relatively limited, with participants assessing weekend rhetoric from US officials on consumer electronics tariffs alongside the highly volatile nature of last week’s moves.
- Gilt yields are 3.5-9.5bps lower across the curve, bull flattening. 2s30s has fallen 6bps to ~141bps, unwinding last week’s notable steepening.
- German yields are flat to 3bps lower, with the belly outperforming.
- Futures volumes are comfortably below recent averages. Bunds are -14 ticks at 130.84 (Initial resistance at the Apr 11 high of 131.42; Support at the 20-day EMA of 129.59). Gilts are +66 at 91.30 (Initial resistance at the 20-day EMA of 91.84; Support at Apr 11 low of 90.47).
- Strength in US equity futures has fed well into outperformance for cash European indices this morning. The reprieve for electronics imports from China into the US is the driver here. That helps 10-year EGB spreads to Bunds tighten.
- BTPs outperform, also aided by S&P’s upgrade of Italy's sovereign rating to BBB+ (Outlook Stable) after hours on Friday.
- This week’s regional calendar is headlined by UK labour market (Tues) and inflation (Weds) data and the ECB decision (Thurs).
EQUITIES: Estoxx put Spread
Apr-14 09:22
SX7E (17th Apr) 170/165ps, bought for 1.35 in 6k vs ~1.1k at 167.00.
