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Big European issuance in focus (again)

BOND SUMMARY

Issuance has been the big story of the morning with the UK, Spain and the Netherlands launching new bonds via syndication while Germany launches a new linker for the first time since 2015 via auction. a USD4bln EIB sale has been the highlight in SSA space.

  • Outside of issuance, today has been a bit quieter with a mildly risk-off undertone to markets (equities lower, core FI higher, peripheral spreads wider).
  • Looking ahead, we have speeches from the ECB's Visco and Lane and Fed's Bullard while the only notable data release will be JOLTs.
  • TY1 futures are up 0-2 today at 136-24 with 10y UST yields down -2.5bp at 1.146% and 2y yields unch at 0.112%.
  • Bund futures are up 0.20 today at 176.32 with 10y Bund yields down -0.8bp at -0.455% and Schatz yields unch at -0.716%.
  • Gilt futures are up 0.16 today at 132.47 with 10y yields down -0.9bp at 0.465% and 2y yields down -0.3bp at -0.41%.
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