EUROZONE T-BILL ISSUANCE: W/C April 14, 2025
Germany, France, the ESM, Portugal and the EU are all due to sell bills next week. We expect issuance to be E16.2bln, down from E30.8bln this week.
- On Monday morning, Germany will sell E3bln of the new 12-month Apr 15, 2026 Bubill.
- On Monday afternoon, France will look to sell up to a combined E7.4bln of 9/14/27/49-week BTFs: E0.2-0.6bln of the 9-week Jun 18, 2025 BTF, E2.8-3.2bln of the new 14-week Jul 23, 2025 BTF, E1.4-1.8bln of the 27-week Oct 22, 2025 BTF and E1.4-1.8bln of the 49-week Mar 25, 2026 BTF.
- On Tuesday, the ESM will issue up to E1.1bln of the new 6-month Oct 23, 2025 bills.
- On Wednesday, Portugal will sell E1.00-1.25bln of the 11-month Mar 20, 2026 BT.
- Finally on Wednesday, the EU will sell up to E1.5bln of the 3-month Jul 4, 2025 EU-bill, up to E1.5bln of the 6-month Oct 3, 2025 EU-bill and up to E1.0bln of the 12-month Apr 10, 2026 EU-bill.
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FED: US TSY 17W AUCTION: NON-COMP BIDS $537 MLN FROM $60.000 BLN TOTAL
- US TSY 17W AUCTION: NON-COMP BIDS $537 MLN FROM $60.000 BLN TOTAL
EGBS: GGBs Widen Further As Dual-Tranche Syndication Catches Many Off Guard
10- & 30-year GGBs ~2bp wider vs. Bunds since the syndication announcement flagged earlier.
- The syndication announcement seems to have come as a bit of a surprise to the market and it wasn’t one that we had on our radar.
- We will update on our thoughts surrounding the likely size of the dual-tranche syndication (which is complimented by buybacks) in due course.
EQUITIES: Program seller helps Indices to session low
Small Program seller with 997 names, combined with 2k seller in the Nasdaq futures (NQH5) is pushing Equities through their lows on both sides of the Atlantic.
The range in the Emini has seen a 1.84% swing range so far today, but compared to what has been witnessed of late, this is still a more contained move.
We have not seen any new driver, but the uncertainty on the tariffs front going forward are keeping Investors on edge or on the sidelines.
The Emini printed a 5534.00 low Yesterday, but main initial support is at 5499.25, the September low.
