US 10YR FUTURE TECHS: (U5) Holds Firm
Aug-07 12:38
- RES 4: 113-23 76.4% retracement of the Sep’24 - Jan’25 sell-off
- RES 3: 113-07 76.4% retracement of the Apr 7 - 11 sell-off
- RES 2: 112-23 High May 1
- RES 1: 112-15+ High Aug 5
- PRICE: 112-08 @ 13:37 BST Aug 7
- SUP 1: 110-19+/08+ Low Jul 24 / Low Jul 14 & 16
- SUP 2: 110-03 76.4% retracement of the May 22 - Jul 1 bull leg
- SUP 3: 109-28 Low Jun 6 and 11
- SUP 4: 109.25 Low May 27
Treasury futures remain strong on the back of the post-NFP rally - barring an erratic and quickly reversed intraday slip on Wednesday. Having cleared resistance into the bull trigger at 112-12+, the Jul 1 high, Treasuries have opened the May 1 high for direction at 112-23, a multi-month high. Clearance here opens retracement levels layered between 113-07 and 113-23. On the downside, key support is 110-08+, the Jul 14 and 16 low. First support lies at 110-19+, the Jul 24 low.
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EU-BOND SYNDICATION: New 7-year Dec-32 / 3.75% Oct-45 tap: Priced
Jul-08 12:34
New 2.75% 7-year Dec-32 EU-bond
- Reoffer: 99.455 to yield 2.834% | 99.380 / 3.795%
- Size: E5bln (bottom of the E5-7bln range we expected)
- Books closed in excess of E69bln (inc E7.55bln JLM interest)
- Spread set earlier: MS + 35bps (guidance was MS + 37bps area)
- HR: 105% vs 1.70% Aug-32 Bund (spot ref 95.400 / 2.413% / +42.1bp)
- Coupon: 2.75%. Short first coupon
- Maturity: 13 December 2032
- ISIN: EU000A4ED0K0
3.75% Oct-45 EU-bond tap:
- Reoffer: 99.380 to yield 3.795%
- Size: E4bln up from original E3bln guidance (MNI expected E3-5bln)
- Books closed in excess of E69bln (inc E7.9bln JLM interest)
- Spread set earlier: MS + 95bps (guidance was MS + 97bps area
- HR 102% vs 2.50% Jul-44 Bund (spot ref 92.230 / 3.045% / +75.0bp)
- ISIN: EU000A4EA8Y7 (immediately fungible)
For both:
- Settlement: 15 July 2025 (T+5)
- JLMs: BNP Paribas, Citi, Deutsche Bank (DM/B&D), J.P. Morgan, Nomura
- Timing: TOE 13:23BST / 14:23CET. FTT immediately
From market source
PIPELINE: Corporate Bond Roundup: $3B IADB Launched
Jul-08 12:28
- Date $MM Issuer (Priced *, Launch #)
- 07/08 $3B #IADB (Inter-American Development Bank) 10Y SOFR+61
- Potential roll-over from Monday:
- 07/07 $Benchmark Nissan Motor 5Y 7.25%a, 7Y 7.75%a, 10Y 8%a
- 07/07 $Benchmark NTT Finance Corp multi tranche investor calls: 2Y, 3Y fix/SOFR, 5Y fix/SOFR, 7Y, 10Y, 12Y -- in addition to EUR issuance 2Y, -4Y, 8Y and 12Y
- $14.45B Priced Monday
AUD: Some upside Momentum in the AUDNZD
Jul-08 12:23
- The Aussie is still trading on the front foot, all a continuation since the unexpected hold from the RBA Overnight.
- While the Dollar has been paring some losses throughout the early European session, taking its cue from the higher US Yields, there's some upside momentum in the AUDNZD here, through a fresh intraday high, and the AUDNZD could now target the May's high at 1.0922.
