COMMODITIES: Recovery for WTI Futures Since Apr 9 Still Appears Corrective

• Bund and the French OAT are still leading EGB futures to the downside in Early trade.
• The lighter liquidity is helping exacerbate some of the moves, and the EU supply due this morning as well as the announced French syndication are capping the upside.
• The initial support in Bund is at 131.11, US Treasuries are testing their intraday lows, led by Europe.

"As considered in the 2025 State financing programme published in December 2024, Agence France Trésor announces the syndicated increase of the Green OAT 3.00% 25 June 2049 to be launched in the near future, subject to market conditions. Joint Lead Managers will be Barclays, BNP Paribas, BofA Securities, Crédit Agricole CIB, HSBC and Natixis. All primary dealers will be invited to participate in the syndicate."

MNI pencils in a E4-8bln transaction size (a bit more uncertain than usual given it's a tap).

SFIM5 95.75/95.85/95.95c fly, sold at 2.5 down to 2.25 in 6k.