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A constructive start across the board for EGBs/Gilts, with equities and the euro also on the front foot. NextGenerationEU syndication is the highlight of the morning European calendar, which also sees decent auction issuance and a few ECB speakers.
- NGEU 10-yr bond syndication underway, final spread set at MS-2bps. Books >E106bln. Coming into the syndication, MNI looked for E10-12bln size.
- UK sells GBP2.75bln of Jan-28 Gilt and GBP2bln of Jul-51 Gilt; Germany E5bln of Schatz; Finland up to E1.5bln of RFGBs.
- UK saw another strong set of employment earnings data and record rise in payrolls. Otherwise it's final CPIs this morning (no important surprises so far).
- Speakers include ECB's Rehn (0900BST), de Cos (1130BST), Lane (1200BST), Panetta (1450BST), and Holzmann (1600BST); also BOE's Bailey (1315BST).
- Sep Bund futures (RX) up 13 ticks at 172.77 (L: 172.59 / H: 172.78)
- Sep Gilt futures (G) up 5 ticks at 127.97 (L: 127.88 / H: 127.98)
- Sep BTP futures (IK) up 16 ticks at 152.13 (L: 151.89 / H: 152.16)
- Italy / German 10-Yr spread 0.9bps tighter at 102.1bps