EUROZONE T-BILL ISSUANCE: W/C 25 August
Aug-22 16:34
Germany, France, Austria and Italy are due to sell bills next week. We expect issuance to be E18.8bln in first round operations, up from E14.8bln this week.
- On Monday morning, Germany will look to sell E2bln of the 3-month Nov 19, 2025 Bubill and E3bln of the 9-month May 13, 2026 Bubill.
- On Monday afternoon, France will look to issue up to E7.8bln of 13/26/28/50-week BTFs: E2.8-3.2bln of the 13-week Nov 26, 2025 BTF, E0.2-0.6bln of the 26-week Feb 25,2026 BTF, E1.6-2.0bln of the new 28-week Mar 11, 2026 BTF and E1.6-2.0bln of the 50-week Aug 12, 2026 BTF.
- On Tuesday morning, Austria will look to come to the market with E1bln of the 2-month Oct 30, 2025 ATB and E2bln of the new 3-month Nov 27, 2025 green ATB.
- Finally on Wednesday morning, Italy will look to sell E3bln of the 5-month Jan 30, 2026 BOT.
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US TSYS/SUPPLY: UPDATE: Preview 20Y Bond Auction Re-Open
Jul-23 16:28
Tsy futures remain weaker/near session lows (TYU5 at 111-01.5, -11.5 vs. 110-31.5 low) ahead of the $13B 20Y bond auction re-open (912810UL0) at 1300ET, WI is currently at 4.944%, very near (0.2bp rich) last month's (small) tail. Today's results will be available shortly after the competitive auctions closes at 1300ET.
- June auction recap: Treasury futures showed little reaction (TYU5 110-20.5, +1) after the $13B 20Y Bond auction re-open (912810UL0) drew a high yield of 4.942% vs 4.940% when-issued yield; 2.68x bid-to-cover vs. 2.46x prior.
- Peripheral stats: indirect take-up retreated to 66.74% vs. 69.02% prior; direct bidder take-up 19.88% from 14.07% prior; primary dealer take-up of 13.37% vs. 16.91% prior.
EGBS: Sell-Off Extends On US-EU Trade Deal Hope After The Cash Close
Jul-23 16:25
- RXU5 has continued its decline after the EGB cash close, most recently touching a low of 129.85 (~70 ticks lower than pre-headline levels).
- Bloomberg reporting has more recently built on the FT piece five minutes ahead of the cash close re progress towards a US-EU trade deal.
- It takes it closer to support at 129.73 (Jul 21 low) after which lies 129.08 (Jul 4 low).
LOOK AHEAD: Thursday Data Calendar: Weekly Claims, S&P Mfg/Sevices PMI, 10Y TIPS
Jul-23 16:20
- US Data/Speaker Calendar (prior, estimate)
- 07/24 0830 Chicago Fed Nat Activity Index (-0.28, -0.15)
- 07/24 0830 Initial Jobless Claims (221k, 226k), Continuing Claims (1.956M, 1.954M)
- 07/24 0945 S&P Global US Mfg PMI (52.9, 52.7), Services PMI (52.9, 53.0)
- 07/24 1000 New Home Sales (623k, 650k), MoM (-13.7%, 4.3%)
- 07/24 1100 Kansas City Fed Mfg Activity (-2, 0)
- 07/24 1130 US Tsy $95B 4W & $85B 8W bill auctions
- 07/24 1300 US Tsy $21B 10Y TIPS auction (91282CNS6)
- 07/24 ---- Building Permits (1.397M, 1.397M), MoM (0.2%, 0.0%)
- Source: Bloomberg Finance L.P. / MNI
