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US EURODLR OPTIONS

Profit Taking In 2EZ Put Spread

US 10YR FUTURE TECHS

(Z1)‌‌ Bearish Follow Through

OPTIONS

Expiries for Sep29 NY cut 1000ET (Source DTCC)

Below are the known dates for auctions of European bonds and UK gilts. All times are UK.

See the notes section at the bottom for more colour.

Date Time Country Amount Details Notes
15-Feb-21 1000 Slovakia E100mln 0% Jun-24 SlovGB Re-open
15-Feb-21 1000 Slovakia E127.4mln 3.625% Jan-29 SlovGB Re-open
15-Feb-21 1000 Slovakia E200mln 1.00% Oct-30 SlovGB Re-open
15-Feb-21 1000 Slovakia E100mln 2.00% Oct-47 SlovGB Re-open
16-Feb-21 1000 UK GBP3.25bln 0.125% Jan-24 gilt Re-open
16-Feb-21 1130 UK GBP1.25bln 1.75% Jul-57 gilt Re-open
17-Feb-21 1000 UK GBP2.5bln 0.625% Jul-35 gilt Re-open
17-Feb-21 1030 Germany E1.5bln 1.25% Aug-48 Bund Re-open
18-Feb-21 0930 Spain TBA 15-Feb 0% May-24 Bono TBA 12-Feb
18-Feb-21 0930 Spain TBA 15-Feb 0.80% Jul-27 Obli Re-open
18-Feb-21 0930 Spain TBA 15-Feb 0.10% Apr-30 Obli Re-open
18-Feb-21 0930 Spain TBA 15-Feb 4.90% Jul-40 Obli Re-open
18-Feb-21 0950 France E9.5-10.5bln 0% Feb-24 OAT Re-open
18-Feb-21 0950 France "" 0% Feb-26 OAT Re-open
18-Feb-21 0950 France "" 0.50% May-29 OAT Re-open
18-Feb-21 1050 France E1.25-1.75bln 0.10% Mar-26 OATei Re-open
18-Feb-21 1050 France " 0.10% Mar-36 OATi Re-open
18-Feb-21 1050 France " 0.10% Jul-47 OATei Re-open
22-Feb-21 1100 Belgium TBA 19-Feb OLO TBA 15-Feb
23-Feb-21 0900 Netherlands E1.5-2.5bln 0.50% Jan-40 Green DSL Re-open
23-Feb-21 1000 Italy TBA CTZ/BTPei/BTP Short Term TBA 18-Feb
23-Feb-21 1000 UK TBA 16-Feb 0.625% Oct-50 Re-open
24-Feb-21 1030 Germany E4bln Feb-31 Bund Re-open
24-Feb-21 1030 Portugal TBA Potential OT auction TBA 19-Feb
25-Feb-21 1000 Italy TBA M/T & L/T BTP TBA 22-Feb
02-Mar-21 1000 Austria TBA RAGB TBA 25-Feb
02-Mar-21 1000 UK TBA 23-Feb Oct-26 gilt New
02-Mar-21 1030 Germany TBA I/L Bund TBA 25-Feb
02-Mar-21 1130 UK TBA 23-Feb 0.50% Oct-61 Re-open
03-Mar-21 1030 Germany E3bln May-36 Bund New
04-Mar-21 0930 Spain TBA Bono/Olbi TBA 26-Feb
04-Mar-21 0950 France TBA L/T OAT TBA 26-Feb
04-Mar-21 1000 UK TBA 25-Feb 0.25% Jul-31 Re-open
W/C 08-Mar ---- ESM/EFSF TBA Potential transaction
09-Mar-21 0900 Netherlands E1.5-2.5bln 0% Jan-27 DSL Re-open
09-Mar-21 1000 UK TBA 2-Mar 1.25% Oct-41 Re-open
10-Mar-21 1000 UK TBA 3-Mar Aug-31 Linker Re-open
10-Mar-21 1030 Germany E4bln Apr-26 Bobl Re-open
10-Mar-21 1030 Portugal TBA Potential OT auction TBA 5-Mar
11-Mar-21 1000 Ireland TBA Irish Govt Bond TBA 8-Mar
11-Mar-21 1000 Italy TBA M/T & L/T BTP TBA 8-Mar
15-Mar-21 1000 Slovakia TBA SlovGB
16-Mar-21 1000 UK TBA 9-Mar 0.125% Jan-24 Re-open
16-Mar-21 1030 Germany E5bln Mar-23 Schatz Re-open
16-Mar-21 1100 Finland E1bln Serial bond auction
16-Mar-21 1130 UK TBA 9-Mar 1.625% Oct-54 Re-open
17-Mar-21 1000 UK TBA 10-Mar 0.625% Jul-35 Re-open
17-Mar-21 1030 Germany E1.5bln 0% Aug-50 Bund Re-open
18-Mar-21 0930 Spain TBA Bono/Olbi/ObliEi TBA 12-Mar
18-Mar-21 0950 France TBA M/T OAT TBA 12-Mar
18-Mar-21 1050 France TBA I/L OAT TBA 12-Mar
22-Mar-21 1100 Belgium TBA 19-Mar OLO TBA 15-Mar
W/C 22-Mar ---- ESM/EFSF TBA Potential transaction
23-Mar-21 0900 Netherlands TBA Existing DSL TBA 17-Mar
23-Mar-21 1000 UK TBA 16-Mar 1.75% Jan-49 Re-open
24-Mar-21 1000 UK TBA 17-Mar 0.125% Nov-56 Linker Re-open
24-Mar-21 1030 Germany E4bln Feb-31 Bund Re-open
24-Mar-21 1030 Portugal TBA Potential OT auction TBA 19-Mar
25-Mar-21 1000 Italy TBA CTZ/BTPei/BTP Short Term TBA 22-Mar
30-Mar-21 1000 Italy TBA M/T & L/T BTP TBA 27-Mar
31-Mar-21 1030 Germany E2.5bln May-36 Bund Re-open
06-Apr-21 1000 Austria TBA RAGB TBA 1-Apr
07-Apr-21 1030 Germany E4bln Apr-26 Bobl Re-open
08-Apr-21 0930 Spain TBA Bono/Olbi TBA 1-Apr
08-Apr-21 0950 France TBA L/T OAT TBA 26-Mar
13-Apr-21 0900 Netherlands TBA Provisional date TBA 07-Apr
13-Apr-21 1000 Italy TBA M/T & L/T BTP TBA 8-Apr
13-Apr-21 1030 Germany TBA I/L Bund TBA 8-Apr
14-Apr-21 1030 Germany E1bln 1.25% Aug-48 Bund Re-open
14-Apr-21 1030 Portugal TBA Potential OT auction TBA 9-Apr
19-Apr-21 1000 Slovakia TBA SlovGB
20-Apr-21 1030 Germany E5bln Mar-23 Schatz Re-open
21-Apr-21 1030 Germany E4bln Feb-31 Bund Re-open
22-Apr-21 0930 Spain TBA Bono/Olbi/ObliEi TBA 16-Apr
22-Apr-21 0950 France TBA M/T OAT TBA 16-Apr
22-Apr-21 1050 France TBA I/L OAT TBA 16-Apr
27-Apr-21 0900 Netherlands TBA Provisional date TBA 21-Apr
27-Apr-21 1000 Italy TBA CTZ/BTPei/BTP Short Term TBA 22-Apr
27-Apr-21 1030 Germany E4bln Nov-28 Bund New
28-Apr-21 1030 Germany E2.5bln May-36 Bund Re-open
28-Apr-21 1030 Portugal TBA Potential OT auction TBA 23-Apr
29-Apr-21 1000 Italy TBA M/T & L/T BTP TBA 26-Apr
04-May-21 1000 Austria TBA RAGB TBA 29-Apr
04-May-21 1030 Germany TBA I/L Bund TBA 29-Apr
05-May-21 1030 Germany E4bln Apr-26 Bobl Re-open
06-May-21 0930 Spain TBA Bono/Olbi TBA 30-Apr
06-May-21 0950 France TBA L/T OAT TBA 30-Apr
07-May-21 1100 Belgium TBA ORI Facility TBA 06-May
11-May-21 0900 Netherlands TBA Provisional date TBA 05-May
12-May-21 1030 Portugal TBA Potential OT auction TBA 7-May
13-May-21 1000 Italy TBA M/T & L/T BTP TBA 10-May
17-May-21 1000 Slovakia TBA SlovGB
18-May-21 1030 Germany E6bln Jun-23 Schatz New
19-May-21 1030 Germany E4bln Feb-31 Bund Re-open
20-May-21 0930 Spain TBA Bono/Olbi/ObliEi TBA 14-May
20-May-21 0950 France TBA M/T OAT TBA 14-May
20-May-21 1050 France TBA I/L OAT TBA 14-May
25-May-21 0900 Netherlands TBA Provisional date TBA 19-May
26-May-21 1000 Italy TBA BTP Short Term/BTPei TBA 21-May
26-May-21 1030 Germany E2.5bln May-36 Bund Re-open
26-May-21 1030 Portugal TBA Potential OT auction TBA 21-May
28-May-21 1000 Italy TBA M/T & L/T BTP TBA 25-May
31-May-21 1100 Belgium TBA 28-May OLO TBA 24-May
01-Jun-21 1030 Germany TBA I/L Bund TBA 27-May
02-Jun-21 1030 Germany E3bln Apr-26 Bobl Re-open
03-Jun-21 0930 Spain TBA Bono/Olbi TBA 28-May
03-Jun-21 0950 France TBA L/T OAT TBA 29-May
08-Jun-21 0900 Netherlands TBA Provisional date TBA 02-Jun
08-Jun-21 1000 Austria TBA RAGB TBA 2-Jun
08-Jun-21 1030 Germany E3bln Nov-28 Bund Re-open
09-Jun-21 1030 Germany E1.5bln 0% Aug-50 Bund Re-open
09-Jun-21 1030 Portugal TBA Potential OT auction TBA 4-Jun
10-Jun-21 1000 Italy TBA M/T & L/T BTP TBA 7-Jun
15-Jun-21 1030 Germany E5bln Jun-23 Schatz Re-open
16-Jun-21 1030 Germany E5bln Aug-31 Bund New
17-Jun-21 0930 Spain TBA Bono/Olbi/ObliEi TBA 11-Jun
17-Jun-21 0950 France TBA M/T OAT TBA 11-Jun
17-Jun-21 1050 France TBA I/L OAT TBA 11-Jun
21-Jun-21 1000 Slovakia TBA SlovGB
22-Jun-21 0900 Netherlands TBA Provisional date TBA 16-Jun
23-Jun-21 1030 Germany E2.5bln May-36 Bund Re-open
23-Jun-21 1030 Portugal TBA Potential OT auction TBA 18-Jun
25-Jun-21 1000 Italy TBA BTP Short Term/BTPei TBA 22-Jun
28-Jun-21 1100 Belgium TBA 25-Jun OLO TBA 21-Jun
30-Jun-21 1000 Italy TBA M/T & L/T BTP TBA 25-Jun
01-Jul-21 0930 Spain TBA Bono/Olbi TBA 25-Jun
01-Jul-21 0950 France TBA L/T OAT TBA 25-Jun
06-Jul-21 1000 Austria TBA RAGB TBA 1-Jul
06-Jul-21 1030 Germany TBA I/L Bund TBA 1-Jul
07-Jul-21 1030 Germany E5bln Oct-26 Bobl New
13-Jul-21 0900 Netherlands TBA Provisional date TBA 07-Jul
13-Jul-21 1000 Italy TBA M/T & L/T BTP TBA 8-Jul
13-Jul-21 1030 Germany E5bln Jun-23 Schatz Re-open
14-Jul-21 1030 Germany E4bln Aug-31 Bund Re-open
14-Jul-21 1030 Portugal TBA Potential OT auction TBA 9-Jul
15-Jul-21 0930 Spain TBA Bono/Olbi/ObliEi TBA 9-Jul
15-Jul-21 0950 France TBA M/T OAT TBA 09-Jul
15-Jul-21 1050 France TBA I/L OAT TBA 09-Jul
19-Jul-21 1000 Slovakia TBA Reserve date
20-Jul-21 1030 Germany E3bln Nov-28 Bund Re-open
21-Jul-21 1030 Germany E1bln 1.25% Aug-48 Bund Re-open
26-Jul-21 1100 Belgium TBA 23-Jul OLO TBA 19-Jul
27-Jul-21 0900 Netherlands TBA Provisional date TBA 21-Jul
27-Jul-21 1000 Italy TBA BTP Short Term/BTPei TBA 22-Jul
28-Jul-21 1030 Germany E2.5bln May-36 Bund Re-open
28-Jul-21 1030 Portugal TBA Potential OT auction TBA 23-Jul
29-Jul-21 1000 Italy TBA M/T & L/T BTP TBA 26-Jul
03-Aug-21 1000 Austria TBA Reserve date TBA 29-Jul
04-Aug-21 1030 Germany E4bln Oct-26 Bobl Re-open
05-Aug-21 0930 Spain TBA Bono/Olbi TBA 30-Jul
05-Aug-21 0950 France TBA L/T OAT TBA 30-Jul
06-Aug-21 1100 Belgium TBA ORI Facility TBA 05-Aug
10-Aug-21 0900 Netherlands TBA Provisional date TBA 04-Aug
11-Aug-21 1030 Germany E4bln Aug-31 Bund Re-open
11-Aug-21 1030 Portugal TBA Potential OT auction TBA 6-Aug
12-Aug-21 1000 Italy TBA M/T & L/T BTP TBA 9-Aug
16-Aug-21 1000 Slovakia TBA Reserve date
17-Aug-21 1030 Germany E6bln Sep-23 Schatz New
18-Aug-21 1030 Germany E1bln 0% Aug-50 Bund Re-open
19-Aug-21 0930 Spain TBA Bono/Olbi/ObliEi TBA 13-Aug
19-Aug-21 0950 France TBA M/T OAT TBA 13-Aug
19-Aug-21 1050 France TBA I/L OAT TBA 13-Aug
24-Aug-21 0900 Netherlands TBA Provisional date TBA 18-Aug
24-Aug-21 1030 Germany E3bln Nov-28 Bund Re-open
25-Aug-21 1030 Portugal TBA Potential OT auction TBA 20-Aug
26-Aug-21 1000 Italy TBA BTP Short Term/BTPei TBA 23-Aug
31-Aug-21 1000 Italy TBA M/T & L/T BTP TBA 26-Aug
01-Sep-21 1030 Germany E4bln Oct-26 Bobl Re-open
02-Sep-21 0930 Spain TBA Bono/Olbi TBA 27-Aug
02-Sep-21 0950 France TBA L/T OAT TBA 27-Aug
07-Sep-21 1000 Austria TBA RAGB TBA 2-Sep
07-Sep-21 1030 Germany TBA I/L Bund TBA 2-Sep
08-Sep-21 1030 Germany E3bln Aug-31 Green Bund New
08-Sep-21 1030 Portugal TBA Potential OT auction TBA 3-Sep
14-Sep-21 0900 Netherlands TBA Provisional date TBA 08-Sep
14-Sep-21 1000 Italy TBA M/T & L/T BTP TBA 9-Sep
14-Sep-21 1030 Germany E5bln Sep-23 Schatz Re-open
16-Sep-21 0930 Spain TBA Bono/Olbi/ObliEi TBA 10-Sep
16-Sep-21 0950 France TBA M/T OAT TBA 10-Sep
16-Sep-21 1050 France TBA I/L OAT TBA 10-Sep
20-Sep-21 1000 Slovakia TBA SlovGB
21-Sep-21 1030 Germany E3bln Nov-28 Bund Re-open
22-Sep-21 1030 Germany E2.5bln May-36 Bund Re-open
22-Sep-21 1030 Portugal TBA Potential OT auction TBA 17-Sep
24-Sep-21 1000 Italy TBA BTP Short Term/BTPei TBA 21-Sep
27-Sep-21 1100 Belgium TBA 24-Sep OLO TBA 20-Sep
28-Sep-21 0900 Netherlands TBA Provisional date TBA 22-Sep
29-Sep-21 1000 Italy TBA M/T & L/T BTP TBA 24-Sep
29-Sep-21 1030 Germany E4bln Aug-31 Bund Re-open
05-Oct-21 1000 Austria TBA RAGB TBA 30-Sep
05-Oct-21 1030 Germany TBA I/L Bund TBA 30-Sep
06-Oct-21 1030 Germany E4bln Oct-26 Bobl Re-open
07-Oct-21 0930 Spain TBA Bono/Olbi TBA 1-Oct
07-Oct-21 0950 France TBA L/T OAT TBA 01-Oct
08-Oct-21 1100 Belgium TBA ORI Facility TBA 07-Oct
12-Oct-21 0900 Netherlands TBA Provisional date TBA 06-Oct
12-Oct-21 1030 Germany E5bln Sep-23 Schatz Re-open
13-Oct-21 1000 Italy TBA M/T & L/T BTP TBA 8-Oct
13-Oct-21 1030 Germany E1bln Aug-52 Bund Re-open
13-Oct-21 1030 Portugal TBA Potential OT auction TBA 8-Oct
18-Oct-21 1000 Slovakia TBA SlovGB
20-Oct-21 1030 Germany E3bln Aug-31 Green Bund Re-open
21-Oct-21 0930 Spain TBA Bono/Olbi/ObliEi TBA 15-Oct
21-Oct-21 0950 France TBA M/T OAT TBA 15-Oct
21-Oct-21 1050 France TBA I/L OAT TBA 15-Oct
26-Oct-21 0900 Netherlands TBA Provisional date TBA 20-Oct
26-Oct-21 1000 Italy TBA BTP Short Term/BTPei TBA 21-Oct
26-Oct-21 1030 Germany E3bln Nov-28 Bund Re-open
27-Oct-21 1030 Germany E2.5bln May-36 Bund Re-open
27-Oct-21 1030 Portugal TBA Potential OT auction TBA 22-Oct
28-Oct-21 1000 Italy TBA M/T & L/T BTP TBA 25-Oct
02-Nov-21 1000 Austria TBA RAGB TBA 28-Oct
02-Nov-21 1030 Germany TBA I/L Bund TBA 28-Oct
03-Nov-21 1030 Germany E4bln Oct-26 Bobl Re-open
04-Nov-21 0930 Spain TBA Bono/Olbi TBA 29-Oct
04-Nov-21 0950 France TBA L/T OAT TBA 30-Oct
09-Nov-21 0900 Netherlands TBA Provisional date TBA 03-Nov
09-Nov-21 1030 Germany E6bln Dec-23 Schatz New
10-Nov-21 1030 Germany E3bln Aug-31 Bund Re-open
10-Nov-21 1030 Portugal TBA Potential OT auction TBA 5-Nov
11-Nov-21 1000 Italy TBA M/T & L/T BTP TBA 8-Nov
15-Nov-21 1000 Slovakia TBA SlovGB
17-Nov-21 1030 Germany E1bln Aug-52 Bund Re-open
18-Nov-21 0930 Spain TBA Bono/Olbi/ObliEi TBA 12-Nov
18-Nov-21 0950 France TBA M/T OAT TBA 12-Nov
18-Nov-21 1050 France TBA I/L OAT TBA 12-Nov
22-Nov-21 1100 Belgium TBA 19-Nov OLO TBA 15-Nov
23-Nov-21 0900 Netherlands TBA Provisional date TBA 17-Nov
24-Nov-21 1030 Germany E2.5bln May-36 Bund Re-open
24-Nov-21 1030 Portugal TBA Potential OT auction TBA 19-Nov
25-Nov-21 1000 Italy TBA BTP Short Term/BTPei TBA 22-Nov
30-Nov-21 1000 Italy TBA M/T & L/T BTP TBA 25-Nov
30-Nov-21 1030 Germany E3bln Nov-28 Bund Re-open
01-Dec-21 1030 Germany E3bln Oct-26 Bobl Re-open
02-Dec-21 0930 Spain TBA Bono/Olbi TBA 26-Nov
02-Dec-21 0950 France TBA Nominal and/or linker Optional
07-Dec-21 1030 Germany E5bln Dec-23 Schatz Re-open
08-Dec-21 1030 Germany E3bln Aug-31 Bund Re-open
13-Dec-21 1000 Slovakia TBA Reserve date
14-Dec-21 0900 Netherlands TBA Provisional date TBA 08-Dec
14-Dec-21 1000 Austria TBA RAGB TBA 9-Dec
14-Dec-21 1000 Italy TBA M/T & L/T BTP TBA 9-Dec
16-Dec-21 0930 Spain TBA Bono/Olbi/ObliEi TBA 10-Dec
17-Dec-21 1100 Belgium TBA ORI Facility TBA 16-Dec
29-Dec-21 1000 Italy TBA BTP Short Term TBA 23-Dec
30-Dec-21 1000 Italy TBA M/T & L/T BTP TBA 27-Dec
05-Jan-22 0930 Spain TBA Bono/Olbi TBA 30-Dec
13-Jan-22 1000 Italy TBA M/T & L/T BTP TBA 10-Jan
20-Jan-22 0930 Spain TBA Bono/Olbi/ObliEi TBA 14-Jan
26-Jan-22 1000 Italy TBA BTP Short Term/BTPei TBA 21-Jan
28-Jan-22 1000 Italy TBA M/T & L/T BTP TBA 25-Jan
  • Austria expects to hold two to three more syndicated EUR issues in 2021 (it has already launched the new 10-year via syndication on 27 January).
  • Belgium had planned to launch 2-3 new OLO benchmarks in two syndicated deals in 2021. It has already held two syndications, launching a new 10-year benchmark on 12 January and a new 50-year syndication on 2 February. Green OLO issuance is limited to EUR1.5bln in 2021.
  • EFSF funding schedule: Q1: E7.0bln (completed), Q2: E7.0bln, Q3: E2.5bln, Q4: Zero, 2022: E18.0bln
  • ESM funding schedule: Q1: E2.0bln, Q2: E2.0bln, Q3: E2.0bln, Q4: E2.0bln, 2022: E8.0bln.
  • EU funding schedule: Q1: E30-35bln (SURE) (E14bln raised so far), Q2: E25-30bln (EFSM+SURE), unspecified date: E2.35bln MFA.
  • France plans to issue the following new bonds in 2021: 5-year benchmark, 10-year benchmark, 30-year benchmark (in H2), 20-year Green OAT, possible 10-year OATi. It has already launched new 3-year and 50-year OATs and a 10-year OATei.
  • Germany plans to hold two syndications in 2021: In May to launch the new 30-year 0% Aug-50 Green Bund. In September to launch the new 30-year Aug-52 Bund.
  • Italy plans to launch the following in Q1: 3-year Apr-24 BTP (min final E9bln), 5-year Jan-26 BTP (min final E10bln), also potentially new BTP Short Term (18-30 month). It has already launched the 7-year 0.25% Mar-28 BTP (min final E10bln planned) and the 15-year 0.95% Mar-37 BTP.
  • Italy also plans to re-open 0% Jan-24 BTP, 0.50% Feb-26 BTP, 0.90% Apr-31 BTP, Sep-22 CTZ, on-the-run nominals with maturity over 10 years and inflation-linked bonds.
  • Netherlands indicative 2021 issuance: 0% Jan-27 DSL E2bln, new 8-year DSL E10bln, 0% Jul-31 DSL E12bln, new 15-year DSL E6bln, 0.50% Jan-40 Green DSL E2bln, 0% Jan-52 DSL E3bln, TBA E15bln.
  • Slovakia plans to issue 3-4 new bonds in 2021 including: a bond with a maturity of 5, 7 or 8 years, a bond with a maturity of 10-12 years and a bond with a maturity of 19+ years.
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