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USDCAD TECHS

Stronger In a Range

AUDUSD TECHS

Weaker In A Range

US TSYS SUMMARY

Ending The Week On A Soft Note

EURJPY TECHS

Bearish Risk Growing

USDJPY TECHS

Stronger, But Still Vulnerable

US

SP500 PE Ratio vs. CPI Inflation

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Green gilts

  • "Most" GEMMs favoured a 10-12 year maturity with some calls for the 20-year area (MNI had expected the 20-year area). Investors favoured a 10-year launch in June or July with a longer maturity (25-30 year) to "follow later in the financial year". GEMMs favoured timing was split between June, July and September for the inaugural launch.
Gilt syndication
  • MNI had expected the 2036 area to be the most in demand with some prospect of 2039 (as there is a gap in the current coupon curve) or 2043 (although we thought that was too close to the 2046 currently being built up as the 25-year benchmark.
  • GEMMs favoured either 2038/2039 or 2043 in June, July or September. Investors preferred 2038/2039.
  • GEMMs had some calls for ultra-long 2073/2074 in September.
  • Investors saw a "few calls" for 2051, 2061 or the 35-year area.