TURKEY: Retail Sales Rise 12.2% Y/Y in August
Oct-10 07:25
* Turkey's retail sales rose 12.2% y/y in August versus a revised +13.3% in July, according to the...
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BUNDS: Futures Pierce Recent Highs
Sep-10 07:23
There was a technical element to the rally in Bund futures during the cross-asset vol. noted earlier, with the contract trading through the Sep 8 high (129.33), topping out at 129.44, just ahead of the Aug 5 high (129.50). A break above the latter would allow the recent bullish cycle to develop further.
- Contract eases back to 129.30 as cross-asset impetus subsides (detailed in recent bullet).
- German yields are 0.5-2.0bp lower, curve bull flattens.
EGB SYNDICATION: Luxembourg New 10-Year: Guidance
Sep-10 07:18
- EUR Benchmark of the new Sep-35 LGB (MNI pencil in a transaction size of E1.00-1.75bln)
- Guidance: MS+35bps area
- Issuer: GRAND DUCHY OF LUXEMBOURG (ticker: LGB)
- Ratings: Aaa/AAA/AAA (all stable)
- Format: RegS Bearer, Senior, Unsecured
- Coupon: Annual, ACT/ACT
- Size: EUR Benchmark
- Maturity: 17-September-2035
- Settlement: 17-September-2025 (T+5)
- ISIN: LU3182454440
- Bookrunners: BofA / BCEE / CACIB / DB / SG (B&D)
- Denoms: €1k+1k
- Target market: The target market for the Bonds is professionals, retail and eligible counterparties (all channels for distribution), each as defined in MIFID II/UK MiFIR.
- Timing: Books open, today's business
Per market source
CROSS ASSET: Move Fades
Sep-10 07:16
The knee-jerk USD bid fades from extremes as Euro Stoxx 50 futures recover back towards session highs after weakness around the cash equity open.
- Our best guess is that the USD bid stemmed from yield differentials moving in the USD’s favour on spillover from the weakness in European stocks.
- Volume was decent on the move, with ~38K Bund futures trading in a 10-minute window.
