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CORRECT: Bund Futures Either Side Of 133.00

EGBS

Corrects reference period for move in yields


Bunds start the week in a narrow range either side of 133.00, a little above initial support at Friday’s YtD low (132.71).

  • German cash yields were 1-6bp higher to finish last week, with some bear flattening seen.
  • EGB spreads are generally little changed to a touch narrower.
  • Over the weekend France marked its ’24 GDP forecast down to 1%, along with a cut to fiscal spending (EUR10bn).
  • Broader fiscal headlines saw the Estonian PM suggest that the EU should develop a plan to issue EUR100bn of bonds to fund the development of the defence industry.
  • After hours on Friday saw Fitch affirm the Netherlands (AAA; Outlook Stable) & Belgium (AA-; Outlook Negative).
  • The regional data docket is light to start the week, tomorrow’s ECB aggregated wage data presents the most immediate scheduled risk event of note.
  • The EU will hold a bond syndication this week. We don’t have a strong conviction regarding which bonds will be on offer and the announcement could come as soon as today.
  • Elsewhere, Slovakia will come to market with multi-tranche issuance today.
  • A reminder that the holiday in the U.S. will thin out broader liquidity.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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