EM ASIA CREDIT: Yuexiu Property (YUEXIU, Ba1/NR/BBB-) ratings affirmed

Germany, France, Spain, Belgium, the Netherlands, the ESM, the EU and Italy are all due to sell bills this week. We expect issuance to be E33.3bln in first round operations, up from E17.0bln last week.

• This morning, Germany will look to sell E2bln of the 6-month Nov 19, 2025 Bubill.
• This afternoon, France will come to the market with up to a combined E7.3bln of 13/20/28/50-week BTFs: E2.6-3.0bln of the 13-week Aug 6, 2025 BTF; E0.1-0.5bln of the 20-week Sep 24, 2025 BTF; E1.6-2.0bln of the new 28-week Nov 19, 2025 BTF; E1.4-1.8bln of the 50-week Apr 22, 2026 BTF.
• Tomorrow morning, Spain will look to issue the 6-month Nov 7, 2025 letras and the new 12-month May 8, 2026 letras, with the size set to be announced today.
• Also tomorrow, Belgium will look to sell E2.4-2.8bln of TCs: An indicative E1.0bln of the 3-month Aug 14, 2025 TC; an indicative E0.8bln of the 6-month Nov 13, 2025 TC; an indicative E0.8bln of the 11-month Apr 9, 2026 TC.
• Additionally tomorrow, the Netherlands will come to the market with E1.0-2.0bln of the 4-month Aug 28, 2025 DTC and E1.0-2.0bln of the new 6-month Oct 30, 2025 DTC.
• Finally tomorrow, the ESM will look to issue up to E1.1bln of the new 3-month Aug 7, 2025 bills.
• On Wednesday, the EU will look to sell up to E1.0bln of the 3-month Aug 8, 2025 EU-bill, up to E1.5bln of the new 6-month Nov 7, 2025 EU-bill and up to E1.5bln of the new 12-month May 8, 2026 EU-bill.
• To conclude issuance for the week on Friday morning, Italy will come to the market with a new 12-month BOT, potentially alongside another BOT. Details will be announced tomorrow. 

• RES 4: 5516.00 High Mar 3 and the key bull trigger  
• RES 3: 5471.00 High Mar 19 / 20 
• RES 2: 5341.00 High Mar 27
• RES 1: 5263.01 76.4% retracement of the Mar 3 - Apr 7 bear leg
• PRICE: 5228.00 @ 06:22 BST May 5 
• SUP 1: 5047.580 20-day EMA                      
• SUP 2: 4959.00/4812.00 Low Apr 23 / 16 and a key support 
• SUP 3: 4664.00 Low Apr 10         
• SUP 4: 4444.00 Low Apr 7 and the bear trigger    

Eurostoxx 50 futures maintain a positive tone and Friday’s rally strengthens the current bull cycle. The contract has cleared both the 20- and 50-day EMAs, and attention is on 5263.01, a Fibonacci retracement point. Clearance of this level would pave the way for a climb towards 5341.00, the Mar 27 high. Initial support to watch lies at 5047.80, the 20-day EMA. A breach of this level would signal a possible reversal.

• RES 4: 0.8781 2.236 proj of the Mar 3 - 11 - 28 price swing     
• RES 3: 0.8768 High Nov 20 ‘23
• RES 2: 0.8624/0.8738 High Apr 21/ High Apr 11 and the bull trigger
• RES 1: 0.8557 High Apr 28 
• PRICE: 0.8528 @ 06:30 BST May 5
• SUP 1: 0.8480 Low May 1
• SUP 2: 0.8477/65 61.8% of the Mar 28 - Apr 11 rally / 50-day EMA  
• SUP 3: 0.8415 76.4% retracement of the Mar 28 - Apr 11 rally 
• SUP 4: 0.8316 Low Mar 28 and a key support  

EURGBP has recovered from its latest lows, however a sell-on-rallies theme last week could cap gains and keep focus on the current bear cycle. Sights are on 0.8477, a Fibonacci retracement point where a break would strengthen the bearish theme. Support at the 50-day EMA, is at 0.8465. It is still possible the move down that started Apr 11, is a correction. A clear reversal would open 0.8738, the Apr 11 high and bull trigger.