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Bullard Kickstarts Reflation Unwind Theme


Fresh 2021 Lows

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  • 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.