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Pullback Considered Corrective


Holding Above Recent Lows


BLOCK, Large 3Y Midcurve Put Condor

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Germany and France sold bills Monday for E10.7bln while Spain, Finland and the ESM sold a further E4.4bln Tuesday.

  • Germany kicked off issuance for the week on Monday, allotting E3.867bln of the 6-month Mar 23, 2022 bubill with issuance volumes of E4bln.
  • France then sold E6.734bln of 12/21/51-week BTFs: E2.997bln of the 12-week Dec 8, 2022 BTF, E1.840bln of the 21-week Feb 9, 2022 BTF and E1.897bln of the new 51-week Sep 7, 2022 BTF.
  • Tuesday morning, Spain sold E1.843bln of 3/9-month letras against a E1-2bln combined target: E398mln 3-month Dec 10, 2021 letras and E1.445bln 9-month Jun 10, 2022 letras.
  • Finland sold E753mln of each of the 8-month May 12, 2022 RFTB and the new 11-month Aug 12, 2022 RFTB.
  • The ESM concluded Tuesday's issuance by selling E1.1bln of new 12-month Sep 15, 2022 bills.