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(N1) Bulls Still In Charge


Press Conference Begins


(N1) Still Heading North

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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%.