EUROZONE T-BILL ISSUANCE: W/C 2 June
May-30 15:48
Germany, the Netherlands, France, Spain, Belgium, Finland, the ESM, Greece and the EU are all due to sell bills next week. We expect issuance to be E28.0bln in first-round operations, up from E17.1bln this week.
- On Monday morning, Germany will look to sell E2bln of the 6-month Dec 10, 2025 Bubill.
- Also on Monday morning, the Netherlands will look to issue E1.0-2.0bln of the 4-month Sep 29, 2025 DTC and E1.0-2.0bln of the new 6-month Nov 27, 2025 DTC.
- On Monday afternoon, France will come to the market with up to a combined E7.6bln of 13/16/28/50-week BTFs: E2.8-3.2bln of the 13-week Sep 3, 2025 BTF, E0.2-0.6bln of the 16-week Sep 24, 2025 BTF, E1.6-2.0bln of the new 28-week Dec 17, 2025 BTF and E1.4-1.8bln of the 50-week May 20, 2026 BTF.
- On Tuesday morning, Spain will look to sell the 6-month Dec 5, 2025 letras and the new 12-month Jun 5, 2026 letras, with details set to be announced on Monday.
- Also on Tuesday morning, Belgium will look to issue a combined E2.4-2.8bln of TCs: An indicative E0.8bln of the 3-month Sep 11, 2025 TC, an indicative E1.0bln of the 6-month Dec 11, 2025 TC and an indicative E0.8bln of the 11-month May 14, 2026 TC.
- Additionally on Tuesday, Finland will come to the market with up to a combined E2bln of the 8-month Feb 13, 2026 RFTB and the new 11-month May 13, 2026 RFTB.
- Finally on Tuesday, the ESM will look to sell up to E1.1bln of the new 3-month Sep 4, 2024 bills.
- On Wednesday, Greece will come to the market with E500mln of the new 52-week Jun 5, 2026 GTB.
- To conclude issuance for the week on Wednesday, the EU will look to sell up to E1.0bln of the 3-month Sep 5, 2025 EU-bill, up to E1.5bln of the new 6-month Dec 5, 2025 EU-bill and up to E1.5bln of the new 12-month Jun 5, 2026 EU-bill.
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FOREX: EURUSD Pressing Fresh Weekly Lows, Breaching S-T Trendline Support
Apr-30 15:45
- Broad single currency weakness playing out in the aftermath of month-end, prompting EURUSD to press fresh weekly lows below 1.1330. In the process, EURUSD is testing below a short-term trendline with multiple touches (hourly chart attached).
- While the recent pullback in EURUSD is considered corrective and the bullish trend structure is unchanged for now, the pair’s ability to gain traction above 1.14 this week appears a relatively bearish development at the margin. A break of the April 23 low at 1.1308 would focus the market on key support at the 20-day EMA (1.1251), of which a break would signal scope for a deeper corrective pullback towards 1.1144 initially.
- Despite the weaker equity benchmarks, the likes of EURAUD and EURCAD are underperforming, both down ~0.6% on the session. Notably, EURJPY has had a near 100 pip pullback to print a new session low by one pip at 161.71. This narrows the gap to the first EURJPY support at 161.43, the 50-day EMA.
PIPELINE: Corporate Bond Update: $2B IADB Priced
Apr-30 15:33
- Date $MM Issuer (Priced *, Launch #)
- 04/30 $2B *IADB 5Y SOFR+44
- 04/30 $1.25B *Nordic Investment Bank 5Y SOFR+43
- 04/30 $1B *CoE Dev Bank 3Y SOFR+36
- 04/30 $850M #Uzbekneftgaz 5Y 8.75%
- 04/30 $Benchmark BNP Paribas 4NC3 +150a, 4NC3 SOFR, 6NC5 +160a
- 04/30 $Benchmark Bahrain 12Y 7.5%, 8Y Sukuk 6.25%
FED: US TSY 17W BILL AUCTION: HIGH 4.190%(ALLOT 96.76%)
Apr-30 15:32
- US TSY 17W BILL AUCTION: HIGH 4.190%(ALLOT 96.76%)
- US TSY 17W BILL AUCTION: DEALERS TAKE 33.90% OF COMPETITIVES
- US TSY 17W BILL AUCTION: DIRECTS TAKE 2.78% OF COMPETITIVES
- US TSY 17W BILL AUCTION: INDIRECTS TAKE 63.32% OF COMPETITIVES
- US TSY 17W BILL AUCTION: BID/CVR 3.08
