4/7/10-year Oblis & 10-year Linker

On offer today:

• E4-5bln of the Oblis
  • 1.30% Oct-26 Obli (ISIN: ES00000128H5)
  • 0.80% Jul-29 Obli (ISIN: ES0000012K53)
  • 2.55% Oct-32 Obli (ISIN: ES0000012K61)
• E250-750mln of the 0.70% Nov-33 Obli-Ei (ISIN: ES0000012C12)
• Market colour: 4/7-year Obli yields rose around 140bp and 122bp to the June 14 highs of 2.390% and 2.802%. 4/7-year Obli yields have decreased by about 135bp and 126bp.
• 10-year Obli yields have fallen around 122bp from the June 14 high to currently stand around 1.970%.
• The 0.70% Nov-33 Obli-Ei yields increased to a mid-June high around 1.000% and since decreased around 114bp to stand around -0.143%.
• 4/7-year Obli spreads to the Bobl and Bund widened around 33bp from the beginning of May to the June 14 high of just shy of 87bp and 114bp and are currently back around 56bp 89bp.10-year Obli spreads to the Bund have been trading between 113bp and 131bp since the beginning of July and now stand around 117bp.
• The 0.70% Nov-33 Obli-Ei breakeven to the 2.35% Jul-33 Obli was around 210.8bp at the time of writing, around 53bp below than the April 29 high.
• Timing: Results will be available shortly after the auction closes at 0930 BST / 1030 CEST.