EUROZONE T-BILL ISSUANCE: W/C September 22
Sep-19 15:36
Germany, France, Austria, Greece and Italy are due to sell bills next week. We expect issuance to be E21.7bln in first-round operations, up from E19.1bln this week.
- On Monday morning, Germany will look to sell E2bln of the 3-month Dec 10, 2025 Bubill and E3bln of the 9-month Jun 17, 2026 Bubill.
- On Monday afternoon, France will look to issue up to a combined E7.4bln of 14/20/28/50-week BTFs: E2.4-2.8bln of the 14-week Dec 31, 2025 BTF, E0.0-0.4bln of the 20-week Feb 11, 2026 BTF, E1.8-2.2bln of the new 28-week Apr 9, 2026 BTF and E1.6-2.0bln of the 50-week Sep 9, 2026 BTF.
- On Tuesday morning, Austria will look to come to the market with E1bln of the 4-month Jan 29, 2026 ATB and E1.25bln of the new 6-month Mar 26, 2026 green ATB.
- On Wednesday morning, Greece will look to sell E500mln of the new 26-week Mar 27, 2027 GTB.
- Finally on Thursday morning, Italy will look to hold a BOT auction, selling a new 6-month BOT potentially alongside another existing BOT. Details will be announced on Monday.
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EGBS: Bunds Track USTs Higher; Initial Resistance Untested
Aug-20 15:32
Bund futures have tracked USTs higher through the afternoon, with aforementioned support coming from tech-led US equity weakness and the WSJ reporting that Trump is considering firing Fed Governor Cook. That leaves futures +36 ticks at 129.43, close to session highs.
- A bearish threat remains present though, with initial resistance at the 20-day EMA (129.58) untested.
- German yields are 2.5-3.5bps lower across the curve, with a light flattening bias still intact. The 5s30s nonetheless is consolidating above the 100bp level.
- Tomorrow’s focus is the August flash PMIs, the first major piece of macro data this month.
- While a September ECB rate cut remains very unlikely (with expectations for a hold solidified after President Lagarde’s remarks this morning), STIR markets still lean in favour of one more 25bp cut this cycle. For such a move to gain support amongst the Governing Council, it will require further softness in inflation and growth data in the coming months.
FED: US TSY 17W BILL AUCTION: HIGH 4.050%(ALLOT 76.08%)
Aug-20 15:32
- US TSY 17W BILL AUCTION: HIGH 4.050%(ALLOT 76.08%)
- US TSY 17W BILL AUCTION: DEALERS TAKE 32.64% OF COMPETITIVES
- US TSY 17W BILL AUCTION: DIRECTS TAKE 6.42% OF COMPETITIVES
- US TSY 17W BILL AUCTION: INDIRECTS TAKE 60.94% OF COMPETITIVES
- US TSY 17W BILL AUCTION: BID/CVR 3.14
FED: US TSY 17W AUCTION: NON-COMP BIDS $455 MLN FROM $65.000 BLN TOTAL
Aug-20 15:15
- US TSY 17W AUCTION: NON-COMP BIDS $455 MLN FROM $65.000 BLN TOTAL
