US TSY FUTURES: TU Blocked

Nov-17 09:32

Latest block trade lodged at 09:21:31 London/04:21:31 NY:

  • TUZ3 3.0K lots blocked at 101-21+, looks like a buyer.
  • DV01 ~$108K.

Historical bullets

GERMAN AUCTION RESULTS: 2.60% Aug-33 Bund auction result

Oct-18 09:32
2.60% Aug-33 Bund Previous
ISIN DE000BU2Z015
Allotted E3.269bln E3.247bln
Avg yield 2.90% 2.78%
Bid-to-offer 1.62x 1.65x
Bid-to-cover 1.98x 2.03x
Average Price 97.44 98.46
Low acc. Price 97.43 98.45
Pre-auction mid 97.432 98.430
Previous date 27-Sep-23
Total sold E4bln E4bln

EGBS: Curves Steeper, BTPS Widen

Oct-18 09:24

Slightly stronger than expected CPI data out of the UK and ongoing EGB supply provide sources of pressure during the early rounds of Wednesday trade.

  • That leaves various 10-Year EGB metrics near key resistance levels in yield terms, although Bunds remain away from cycle extremes.
  • Bund futures last show -35. Initial technical support (127.46) is some ~25 ticks below session lows and 30 ticks below prevailing levels.
  • German cash benchmarks are 0.5-4.5bp higher, bear steepening.
  • Spreads to Bunds are generally little changed to wider, with BTPs coming under the most pressure given their beta to the outright sell off, well-documented Italian fiscal worry and proximity to sovereign credit rating announcements for Italy.
  • ECB speak didn’t move the needle, with Holzmann and Stournaras sticking to their respective norms. The latter underscored PEPP’s status as the first line of defence for bonds.

EUROZONE ISSUANCE: 5/10-year GGB auction results

Oct-18 09:22
3.875% Jun-28 GGB 4.25% Jun-33 GGB
ISIN GR0114033583 GR0124039737
Amount E150mln E250mln
Previous E250mln E200mln
Avg yield 3.85% 4.34%
Previous 3.30% 3.30%
Bid-to-cover 3.61x 3.79x
Previous 4.18x 5.08x
Avg Price 100.100 99.320
Pre-auction mid 99.987 98.884
Prev avg price 102.550 101.850
Prev mid-price 102.269 101.417
Previous date 19-Jul-23 20-Sep-23