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EGBS: Tight Range For Bunds On Limited Regional Data Calendar

EGBS
BulletEurozoneFixed Income BulletsMarkets

Bund futures have traded in a tight 28 tick range this morning on light volumes, currently little changed at 133.59. Today’s regional calendar has been headlined by supply from Italy and Germany, which was digested smoothly. 

  • Italy sold E3.75bln of BTP Short-term and BTPei’s, while Germany issued E4bln of the 2.50% Oct-29 Bobl.
  • This morning’s ECB speakers (de Guindos, Centeno and Rehn) were not major market movers. Rehn re-iterated his view that the ECB can cut rates in December if supported by data and the updated projections. Headlines also suggested that he could support a further rate cut in late-January.
  • 10-year EGB spreads to Bunds are little changed. We have seen several sell-side analysts highlight the potential for further OAT/Bund spread widening amid ongoing political/fiscal uncertainty.
  • Regional focus remains on the November flash inflation round, starting on Thursday with Spanish and German data.
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Bund futures have traded in a tight 28 tick range this morning on light volumes, currently little changed at 133.59. Today’s regional calendar has been headlined by supply from Italy and Germany, which was digested smoothly. 

  • Italy sold E3.75bln of BTP Short-term and BTPei’s, while Germany issued E4bln of the 2.50% Oct-29 Bobl.
  • This morning’s ECB speakers (de Guindos, Centeno and Rehn) were not major market movers. Rehn re-iterated his view that the ECB can cut rates in December if supported by data and the updated projections. Headlines also suggested that he could support a further rate cut in late-January.
  • 10-year EGB spreads to Bunds are little changed. We have seen several sell-side analysts highlight the potential for further OAT/Bund spread widening amid ongoing political/fiscal uncertainty.
  • Regional focus remains on the November flash inflation round, starting on Thursday with Spanish and German data.