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Day ahead

EGBS
  • There is a fairly light calendar for Europe for the day ahead with the highlight in the Eurozone the final print of CPI (with the main event of the day the FOMC Minutes after the European close).
  • Moves on the open and overnight have also been limited with Bunds a little higher, although European equity index futures are also generally a little higher on the day.
  • The only notable supply today comes from Germany, with the 30-year 0% Aug-50 Bund due to be reopened for E1bln. German auctions through August have seen better demand in general than in recent months (we think largely due to the lack of supply from other issuers). We would expect another strong auction today.
  • Peripheral spreads are marginally wider at the open.
  • Bund futures are up 0.07 today at 176.87 with 10y Bund yields down -0.6bp at -0.478% and Schatz yields down -0.4bp at -0.749%.
  • BTP futures are up 0.04 today at 154.95 with 10y yields down -0.2bp at 0.570% and 2y yields down -0.2bp at -0.491%.
  • OAT futures are up 0.07 today at 162.37 with 10y yields down -0.5bp at -0.130% and 2y yields down -0.6bp at -0.715%.
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