EUROZONE T-BILL ISSUANCE: W/C October 27
Oct-24 15:49
France, Austria, Italy and Greece are due to sell bills next week. We expect issuance to be E13.1bln in first round operations, down from E20.6bln this week.
- On Monday afternoon, France will look to sell up to a combined E7.6bln of 14/25/27/49-week BTFs: E2.9-3.3bln of the new 14-week Feb 4, 2026 BTF, E0.2-0.6bln of the 25-week Apr 22, 2026 BTF, E1.5-1.9bln of the 27-week May 6, 2026 BTF and E1.4-1.8bln of the 49-week Oct 7, 2026 BTF.
- On Tuesday morning, Austria will look to issue E1.0bln of the 3-month Jan 29, 2026 ATB and E1.0bln of the new 6-month Apr 30, 2026 ATB.
- On Wednesday morning, Italy will look to come to the market with a BOT auction. Details will be announced this evening.
- Finally on Wednesday morning, Greece will look to sell E500mln of the new 13-week Jan 30, 2026 GTB.
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US DATA: August Building Permits Upped Slightly, Still Weak
Sep-24 15:45
August building permits were revised up in the final reading to 1,330k (1,312k prelim).
- That's still a drop from 1,362k in July for a cycle low (weakest since 2019, ex-pandemic 2020).
- Single-family home permits were basically unrevised at 858k (856k prelim), with multi-units now estimated at 472k (456k prelim).
- This could on the margins lead to a small uptick in residential investment estimates, including the Atlanta Fed GDPNow reading due out Friday - it currently estimates -6.3% Q/Q SAAR residential investment, which had been downgraded from -4.6% after the preliminary housing data (starts could yet be revised in the September report due out October 17).
- But overall, there are no clear signs of a nascent pickup in residential investment activity.
FED: US TSY 1Y-10M FRN AUCTION: HIGH MARGIN 0.200%; ALLOTMENT 44.42%
Sep-24 15:32
- US TSY 1Y-10M FRN AUCTION: HIGH MARGIN 0.200%; ALLOTMENT 44.42%
- US TSY 1Y-10M FRN AUCTION: DEALERS TAKE 28.87% OF COMPETITIVES
- US TSY 1Y-10M FRN AUCTION: DIRECTS TAKE 0.89% OF COMPETITIVES
- US TSY 1Y-10M FRN AUCTION: INDIRECTS TAKE 70.23% OF COMPETITIVES
- US TSY 1Y-10M FRN AUCTION: BID/CVR 3.15
FED: US TSY 17W BILL AUCTION: HIGH 3.805%(ALLOT 60.09%)
Sep-24 15:32
- US TSY 17W BILL AUCTION: HIGH 3.805%(ALLOT 60.09%)
- US TSY 17W BILL AUCTION: DEALERS TAKE 28.59% OF COMPETITIVES
- US TSY 17W BILL AUCTION: DIRECTS TAKE 6.10% OF COMPETITIVES
- US TSY 17W BILL AUCTION: INDIRECTS TAKE 65.32% OF COMPETITIVES
- US TSY 17W BILL AUCTION: BID/CVR 2.93
