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EGBS: 10-year BTP/Bund Spread Tests 100bps Even As Equities Soften
May-14 09:40
The 10-year BTP/Bund spread briefly printed below the 100bp handle for the first time since September 2021, with recent tightening momentum persisting even as European equities soften on the session.
- Bund futures have traded in a tight 27 tick range today, currently -2 ticks at 129.54. The 50.0% retracement of the Mar 11 - Apr 7 rally at 129.28 contained downside earlier, but a short-term bearish theme remains intact.
- Bund yields are ~1bp lower across the curve. Today’s 30-year Bund auction was digested smoothly.
- Portugal also sold bonds today, while Belgium and Latvia are holding 5-year syndications. The EFSF has sent an RFP for an upcoming transaction, likely early next week.
- German and Spanish April HICP confirmed flash estimates on an annual basis.
- ECB’s Nagel didn’t add too much to the near-term policy debate. Cipollone, Villeroy and Holzmann are scheduled to speak later today.
PORTUGAL AUCTION RESULTS: OT Results
May-14 09:37
| 1.65% Jul-32 OT | 4.10% Feb-45 OT | |
| ISIN | PTOTEYOE0031 | PTOTEBOE0020 |
| Amount | E548mln | E702mln |
| Previous | E485mln | E432mln |
| Avg yield | 2.72% | 3.75% |
| Previous | 3.38% | 3.30% |
| Bid-to-cover | 1.97x | 1.92x |
| Previous | 2.51x | 2.16x |
| Avg Price | 93.14 | 104.77 |
| Pre-auction mid | 93.035 | 104.332 |
| Prev avg price | 86.95 | 111.60 |
| Prev mid-price | 86.749 | 111.130 |
| Previous date | 13-Sep-23 | 13-Nov-24 |
GERMAN AUCTION RESULTS: 1.25% Aug-48 Bund / 2.50% Aug-54 Bund
May-14 09:35
| 1.25% Aug-48 Bund | 2.50% Aug-54 Bund | |
| ISIN | DE0001102432 | DE000BU2D004 |
| Total sold | E1.5bln | E1bln |
| Allotted | E1.313bln | E818mln |
| Previous | E806mln | E1.189bln |
| Avg yield | 3.09% | 3.12% |
| Previous | 2.89% | 2.70% |
| Bid-to-offer | 3.68x | 1.85x |
| Previous | 1.13x | 1.95x |
| Bid-to-cover | 4.20x | 2.27x |
| Previous | 1.40x | 2.46x |
| Avg Price | 69.86 | 88.21 |
| Low Price | 69.85 | 88.18 |
| Pre-auction mid | 69.810 | 88.127 |
| Prev avg price | 71.15 | 95.87 |
| Prev low price | 71.12 | 95.84 |
| Prev mid-price | 71.139 | 95.761 |
| Previous date | 11-Oct-23 | 12-Feb-25 |
