FRANCE AUCTION RESULTS: Well Digested LT OAT Auction
Top of the E11.5-13.5bln range sold at today's large long-term OAT auction, with E6.866bln of the on...
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EGB FUNDING UPDATE: Ireland NTMA 2026 funding plan
- The NTMA has announced that it plans to issued E10-14bln of bonds with one syndication in 2026. This is a bit higher than expected. We had pencilled in a similar target to this year.
- The NTMA notes that this reflects the E15bln maturities due in the coming year, so this is still a net negative funding target.
- There is no guidance on the syndication but we look for a new 10-year Oct-36 bond to be launch via syndication in Q1.
- One syndication is as expected, but it may be larger and/or there may be more auctions.
- 2025's target was E6-10bln which one syndication. E8.5bln nominal was raised this year with E3bln of that being via a syndicated launch of the 30-year 3.15% Oct-55 IGB.
- As expected, and as has been the case in recent years, there are no plans to issue bills.
GILT AUCTION RESULTS: 4.25% Jun-32 Gilt Tender
| 4.25% Jun-32 Gilt | Previous | |
| ISIN | GB0004893086 | |
| Amount | GBP0.75bln | GBP1.00bln |
| Avg yield | 4.109% | 4.206% |
| Bid-to-cover | 4.35x | 3.72x |
| Tail | 0.4bp | 0.2bp |
| Avg price | 100.798 | 100.250 |
| Low price | 100.775 | 100.236 |
| Pre-auction mid | 100.778 | 100.216 |
| Previous date | 11-Sep-25 |
COMMODITIES: Trend Set-Up in Gold Unchanged and Bullish
Short-term gains in WTI futures appear corrective - for now. Note that moving average studies are in a bear-mode position, highlighting a dominant downtrend. A resumption of the bear leg would open the key support and the bear trigger at $55.99, the Oct 20 low. Clearance of this level would resume the downtrend. Key short-term resistance to watch is $61.84, the Oct 24 high. A clear break of this hurdle would signal scope for a stronger correction. The trend condition in Gold is unchanged, the set-up remains bullish. The bear phase between Oct 20 and 28 appears to have been a correction and note that the recovery since Oct 28 signals the end of that corrective cycle. Key support to watch lies at the 50-day EMA, at $4037.3. Clearance of this EMA would signal scope for a deeper retracement. Sights are on key resistance and the bull trigger at $4381.5, the Oct 20 high.
- WTI Crude down $0.17 or -0.29% at $58.71
- Natural Gas down $0.08 or -1.55% at $4.836
- Gold spot up $13.32 or +0.32% at $4203.5
- Copper down $7.45 or -1.37% at $537.1
- Silver up $0.38 or +0.65% at $58.5407
- Platinum down $9.9 or -0.6% at $1644.15
