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GILT AUCTION RESULTS

DMO sells GBP2.25bln of the 1.25% Oct-41 gilt

ESM ISSUANCE

E1.5bln of 6-month bills sold

US 10YR FUTURE TECHS

(M1)‌‌ Bearish Focus

BUNDS

Block trade

OAT
OAT: Continuing a theme, the French 30Y sector is underperforming Germany. MNI
noted yesterday that the French 5-30Y curve is close to it steepest relative to
Germany since EMU began. However, that box spread is marginally lower today
because 5Y France is also underperforming.