US TSYS: Ticking higher
Aug-09 10:53
- US Tnotes is now seeing some small spillovers from the bid in EGBs, Bund is now back at pre US IJC level, did trade as high as 134.72 Yesterday, but initial resistance is seen at 134.77.
- Volumes across both sides of the Pond are still on the very low side, 283k volume in TYA is pretty poor.
- USDJPY sees no reaction from the small push lower in US Yield.
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US TSYS: Rally Builds As US Filters In, Powell Part Two and 10Y Supply Headline
Jul-10 10:50
- Treasuries have bull flattened overnight, with moves driven by a larger rally in EGBs with the same flattening bias and mild spillover from a dovish RBNZ.
- Cash yields sit 1-2.5bp lower on the day, with 2s10s at -34.1bp (-1.3bps) reversing yesterday’s increase. Both 2Y and 10Y yields approach recent lows seen after Friday’s payrolls report but remain off prior March lows.
- TYU4 has lifted to 110-18+ (+ 05+) on solid cumulative volumes of 330k. Resistance is watched at Monday’s high of 110-20+ before a more important bull trigger at 111-01 (Jun 14 high), whilst support is seen at 109-28+ (50-day EMA).
- Today’s session should be affected by tomorrow’s CPI report looming on the horizon (preview), whilst the 10Y re-open provides interest later on (before further supply with the 30Y tomorrow). Yesterday’s 3Y stopped through by 0.6bps along with a sharp increase in the bid-to-cover.
- Data: MBA weekly mortgage data (0700ET), Wholesale sales/inventories May/May f (1000ET)
- Fedspeak: Powell speaks to the House committee (1000ET), Goolsbee & Bowman on childcare opening remarks (1430ET), Cook on global monetary policy (1930ET) – see STIR.
- Note/bond issuance: US Tsy $39B 10Y Note re-open auction (1300ET)
- Bill issuance: US Tsy $60B 17W Bill auction (1130ET)
BONDS: Bund look to close the gap
Jul-10 10:48
- Bund and Govies are still underpinned, Bund edges above Yesterday's high and still look to close the 131.52 gap.
- BTP and OAT are still leading core and semi core Bonds, and OAT now eye a test towards Monday's high situated at 124.39.
- Tnotes on the follow is helped higher by Europe and still targets 110.20+ initially, the July high.
PIPELINE: Saudi Aramco 3Pt US$ Debt Issuance on Tap
Jul-10 10:45
- Date $MM Issuer (Priced *, Launch #)
- 7/10 $Benchmark Saudi Aramco 10Y +140a, 30Y +180a, 40Y +195a
- 7/10 $Benchmark Mitsubishi 10Y +120a
- $8B Priced Tuesday, $22.5B/wk
- 7/9 $2.5B *IADB 10Y SOFR+56
- 7/9 $1.75B *Turkiye 8Y 7.3%
- 7/9 $1.5B *JBIC 3Y SOFR+44
- 7/9 $1B *CCB HK 3Y SOFR+55
- 7/9 $750M *Bank of Montreal 60NC10 7.3%
- 7/8 $500M *Panasonic 10Y +100
- 7/9 $Benchmark TD Bank 3Y SOFR+63a
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