Ahead of his 23-24 August visit to Japan, his first since taking office in June, South Korea's President Lee Jae-mying called Japan an "indispensable partner" for economic growth. This came while delivering the president's annual speech marking the end of Japan's colonial occupation of the Korean peninsula in 1945. 15 August is a date fraught with historical sensitivities, marking 'Liberation Day' in South (and North) Korea, and Memorial Day for the End of the War in Japan.
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| Type | 12-month BT |
| Maturity | Jul 17, 2026 |
| Amount | E1bln |
| Target | E1.00-1.25bln |
| Previous | E750mln |
| Avg yield | 1.906% |
| Previous | 1.941% |
| Bid-to-cover | 2.83x |
| Previous | 3.22x |
| Previous date | Jun 18, 2025 |
Gilts trade away from lows after support in futures held and with oil prices edging lower. Still, yields are higher across the curve in the wake of this morning’s firmer-than-expected CPI reading.
BoE Meeting | SONIA BoE-Dated OIS (%) | Difference vs. Current Effective SONIA Rate (bp) |
Aug-25 | 4.009 | -20.8 |
Sep-25 | 3.956 | -26.1 |
Nov-25 | 3.794 | -42.3 |
Dec-25 | 3.710 | -50.7 |
Feb-26 | 3.582 | -63.5 |
Mar-26 | 3.549 | -66.8 |
| 1.25% Aug-48 Bund | 2.90% Aug-56 Bund | |
| ISIN | DE0001102432 | DE000BU2D012 |
| Total sold | E1bln | E1.5bln |
| Allotted | E800mln | E1.129bln |
| Previous | E1.313bln | E4bln |
| Avg yield | 3.13% | 3.22% |
| Previous | 3.09% | 3.03% |
| Bid-to-offer | 3.69x | 1.05x |
| Previous | 3.68x | |
| Bid-to-cover | 4.60x | 1.40x |
| Previous | 4.20x | |
| Avg Price | 69.39 | 93.78 |
| Low Price | 69.38 | 93.76 |
| Pre-auction mid | 69.276 | 93.710 |
| Prev avg price | 69.86 | 97.38 |
| Prev low price | 69.85 | |
| Prev mid-price | 69.810 | |
| Previous date | 14-May-25 | 06-May-25 |