EUROZONE T-BILL ISSUANCE: W/C 11 Aug
Aug-08 15:51
Germany, France, Spain, Italy and Belgium are due to sell bills next week. We expect issuance to be E22.3bln in first round operations, down from E28.1bln this week.
- On Monday morning, Germany will look to sell E1.5bln of the 11-month Jul 15, 2026 Bubill.
- On Monday afternoon, France will look to issue up to E7.2bln of 13/18/26/52-week BTFs: E2.6-3.0bln of the 13-week Nov 12, 2025 BTF, E0.0-0.4bln of the 18-week Dec 17, 2025 BTF, E1.4-1.8bln of the 26-week Feb 11, 2026 BTF and E1.6-2.0bln of the new 52-week Aug 12, 2026 BTF.
- On Tuesday morning, Spain will look to come to the market with the 3-month Nov 7, 2025 letras and the 9-month May 8, 2026 letras. The auction size will be announced on Monday.
- Also on Tuesday morning, Italy will look to sell E8bln of the new 12-month Aug 14, 2026 BOT.
- Finally on Tuesday, Belgium will look to issue E2.8-3.2bln of the Nov 13, 2025 TC.
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OPTIONS: Larger FX Option Pipeline
Jul-09 15:51
- EUR/USD: Jul11 $1.1700(E1.2bln), $1.1770(E2.3bln); Jul14 $1.1600-15(E2.1bln), $1.1725-40(E1.8bln) $1.1800($1.5bln)
- AUD/USD: Jul15 $0.6480-00(A$1.6bln)
- USD/CAD: Jul11 C$1.3700-15($1.1bln)
TARIFFS: Pres Trump Publishes Latest US Tariff Rates On 6 Countries
Jul-09 15:44
US President Trump announces tariff rates (via the now-usual Truth Social "letters") on:
- the Philippines (20%, vs 17% reciprocal tariff announced on "Liberation Day")
- Moldova (25% vs 31%)
- Algeria (30%, unchanged)
- Brunei (25%, vs 24%)
- Iraq (30% vs 39%)
- Libya (30% vs 31%)
FED: US TSY 17W BILL AUCTION: HIGH 4.230%(ALLOT 69.56%)
Jul-09 15:32
- US TSY 17W BILL AUCTION: HIGH 4.230%(ALLOT 69.56%)
- US TSY 17W BILL AUCTION: DEALERS TAKE 34.08% OF COMPETITIVES
- US TSY 17W BILL AUCTION: DIRECTS TAKE 5.59% OF COMPETITIVES
- US TSY 17W BILL AUCTION: INDIRECTS TAKE 60.33% OF COMPETITIVES
- US TSY 17W BILL AUCTION: BID/CVR 3.03
