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(H2) Outlook Remains Bullish


(Z1) Remains Above The 50-Day EMA


(Z1) Northbound


(Z1) All Retracement Levels Breached

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Slovakia, Finland, Germany, Spain and France have all held auctions so far this week while Italy has held a syndication. Gross nominal issuance for the week was E23.6bln, down from last week's E29.7bln.

  • Slovakia kicked off issuance for the week on Monday morning selling E324mln of 3/9/15-year SlovGBs with a further E60mln sold in the non-competitive tranche. In total, E172mln of the 0% Jun-24 SlovGB, E87mln of the 1.00% Oct-30 SlovGB and E125mln of the 0.375% Apr-36 SlovGB were sold.
  • Finland sold E941mln of the 10-year 0.125% Sep-31 RFGB on Tuesday, against a target of E1bln.
  • On Wednesday, Germany reopened the 0% Aug-31 Green Bund, allotting E1.649bln in a very weak auction with an issuance volume of E3bln.
  • Also Wednesday, Italy reopened the 1.50% Apr-45 Green BTP via a syndicated tap with E5bln sold.