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0% May-36 Bund


JPY extending small gains


Impressive pullback in the back end


Clears Key Support Handle

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Italy are the only country still scheduled to come to the market this week, with a further E3.5bln on offer which would leave gross nominal issuance for the week at E10.3bln, sharply down from last week's E44.8bln.

  • This morning, Italy will look to sell E2.0-2.5bln of the 0% Jan-24 BTP Short Term and E0.75-1.00bln of the 0.40% May-30 BTPei.

NET NOMINAL FLOWS: There is a single redemption this week: E5bln of an EU EFSM bond originally issued as a 10-year. There are E0.4bln of coupon payments. With estimated gross nominal issuance of E10.3bln, we look for net nominal issuance of E4.9bln (down from E8.3bln last week).

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