Trial now
JGB TECHS

(Z1) Bearish Trend Condition

AUSSIE 10-YEAR TECHS

(Z1) Bearish Price Sequence

AUSSIE 3-YEAR TECHS

(Z1) Off Recent Highs

US 10YR FUTURE TECHS

(Z1)‌‌ Support Appears Exposed

Sign up now for free access to this content.

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

Austria, Germany, Spain, France and Belgium are all due to issue EGBs this week. We estimate total gross nominal issuance of E18.5bln for the week, slightly lower than last week's E19.9bln.

  • Austria will kick off issuance for the week tomorrow with E1.495bln of 4/10-year RAGBs on offer: the 0% Apr-25 and the 0% Feb-31.
  • Germany will look to sell E4bln of the 0% Oct-26 Bobl on Wednesday.
  • Spain will come to the market Thursday to sell benchmark 3/5/10-year nominals and the 10-year linker: the 0% May-24 Bono, the 0% Jan-26 Bono, the 0.50% Oct-31 Obli and the 1.00% Nov-30 Obli-Ei. The amount on offer will be confirmed this afternoon.
  • France will look to sell E6.5-7.5bln of LT OATs, also on Thursday. On offer will be the 1.50% May-31 OAT, the 5.75% Oct-32 OAT and the 1.25% May-34 OAT.
  • Belgium will conclude issuance for the week on Friday through the ORI facility with details to be announced Thursday.

NET NOMINAL FLOWS: There is one redemption, a BTP with E22.6bln outstanding (originally issued as a 15-year) with E4.9bln of coupons (of which E4.7bln are from Italy). With gross nominal issuance of E18.5bln this would leave net nominal flows at minus E9.0bln for the week, a smaller net contraction in supply than last week's E18.7bln.

For a calendar of all announced EGB/EU/ESM/EFSF auctions see the MNI EZ/UK Bond Supply Calendar here.