Trial now
JGB TECHS

(U1) Tilted Higher

AUSSIE 10-YEAR TECHS

(U1) Uptrend Weakening

US TSYS SUMMARY

Bullard Kickstarts Reflation Unwind Theme

AUDUSD TECHS

Fresh 2021 Lows

Sign up now for free access to this content.

Please enter your details below and select your areas of interest.

  • On Wednesday, Germany returned to the market to auction E1.5bln of the 30-year 0% Aug 50 Bund. The auction was better received than many German auctions recently (which have on the whole been weak).
  • Portugal then sold at the top of its E750mln-1.0bln range of 7/10-year OTs: E300mln of the 0.70% Oct-27 OT and E700mln of the 10-year 0.30% Oct—41 OT.
  • On Thursday, Italy followed up Tuesday's syndication by auctioning 3/7/20-year BTPs: E3.5bln of the 0% Apr-24 BTP, E2.5bln of the 0.50% Jul-28 BTP and E1.75bln of the 1.80% Mar-41 BTP.
  • Ireland also held an auction Thursday morning, selling E1.25bln 8/16/25-year IGBs: E600mln of the 1.10% May-29 IGB, E325mln of the 1.70% May-37 IGB and E325mln of the 2.00% Feb-45 IGB.

NET NOMINAL FLOWS: There are a number of redemptions in this week totalling E21.2bln, the most noteworthy of which are a E5bln EFSF bond that matured on 7 June (originally issued as a 7-year) and a E14.0bln Schatz maturing on 11 June. Coupons are only E0.1bln, leaving net nominal issuance expected to come in at E11.8bln. This is larger than last week's E2.7bln but a lot lower than the E41.2bln net nominal issuance expected in the W/C 14 June.

For a longer-term look ahead, see the MNI EZ/UK Bond Auction calendar.