Bunds back to where they started the day

After moving lower in line with renewed risk appetite earlier today, Bunds have retraced their losses and are almost unchanged on the day despite equities continuing to head higher.

• Germany announced its updated issuance plans for Q4 today and increased its targeted T-bill issuance, but unexpectedly left bond issuance unchanged (although there were changes to the maturities on offer and auction dates).
• France also announced its provisional issuance plans for next year and confirmed its 2020 target of E260bln of M/T and L/T issuance and set a target of E260bln M/T and L/T issuance for next year. It scaled back plans for BTF issuance this year but some of this was pushed into 2021.
• Peripheral spreads are a little tighter on the day, but generally within 1bp of Friday's closes.
• Bund futures are down -0.02 today at 174.65 with 10y Bund yields unch at -0.530% and Schatz yields up 0.2bp at -0.710%.
• BTP futures are up 0.18 today at 147.59 with 10y yields down -0.9bp at 0.876% and 2y yields down -0.7bp at -0.224%.
• OAT futures are up 0.01 today at 168.69 with 10y yields up 0.1bp at -0.253% and 2y yields up 0.1bp at -0.665%.