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Big supply day (UST 20y, Green OAT) with US retail sales and IP

BOND SUMMARY
  • Fixed income markets had started the European morning session generally a little higher, after continuing the rebound seen late yesterday. However, these gains have now been erased and futures are almost exactly unchanged today.
  • It's a big day for supply with France launching its second Green OAT via syndication while the UK holds two auctions and Germany and Finland also issue via auctions.
  • The US 20-year auction will be watched closely. If last week's auctions are any indicator, there is some trepidation over how well Tuesday's US Tsy$24B 20Y bond auction re-open will be received.
  • We also have US retail sales and industrial production later today as well as the German ZEW survey due for release.
  • And of course, markets are looking ahead to tomorrow's FOMC decision, the new dot plot and presser.
  • TY1 futures are flat today at 131-30+ with 10y UST yields up 0.1bp at 1.607% and 2y yields up 0.3bp at 0.156%.
  • Bund futures are up 0.01 today at 171.79 with 10y Bund yields down -0.5bp at -0.340% and Schatz yields up 0.1bp at -0.698%.
  • Gilt futures are up 0.01 today at 128.02 with 10y yields down -0.3bp at 0.793% and 2y yields up 0.4bp at 0.096%.
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