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US TSY FUTURES

TUZ1 Given

NEW ZEALAND

ANZ Hikes Mortgage & Depo Rates

JGBS

Futures Tight In the Tokyo Morning

KRW

South Korea's Exports Prove Resilient

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  • A more subdued session so far for EGBs and Bunds, with most futures contracts taking their cue from the price action in equity markets.
  • Supply has been one of the main talking points this morning with the UK holding a syndication for its inaugural 12-year green gilt (GBP10bln transaction size from books of over GBP100bln), Germany selling E3bln of its 7-year Bund and Finland selling E1bln of its 20-year RFGB.
  • Bunds were better offered ahead of the NY crossover before recovering to trade flat. Peripheral spreads have all tightened against the German 10yr.
  • Greece by a decent 5bps, following ECB's Stournaras saying that he expects the ECB to buy Greek debt in APP after the end of PEPP.
  • Gilts have traded in line with Bund, initially wider by 0.6bp, but now 0.3bps tighter at the time of typing.
  • Similar price action for Treasuries, with better selling on the margin on the back of higher Equities.
  • US housing starts and building permits are due to cross later today. President Biden will be speaking later today with the Australian PM Scott Morrison as well as the UK PM Johnson.