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Focus on supply and Syndication


Bund lean bull flatter, but still trading at steepest levels in a Month in 5/30s.

  • Initial target here remains at the December peak 63.303, which we have also tested overnight (63.304)
  • Longer end is so far supported, helped by the US Treasuries, following some Fed speakers putting cold water on chances of reducing pace of tapering, especially during the Covid crisis.
  • Focus today, on the Data front, just the Italian and EC IP are scheduled.
  • In term of speakers ECB Villeroy speaks in Paris.
  • SUPPLIES: Most of the focus will once again be on Supplies and Corp Issuances as we begin 2021.
  • Most notable will be Germany Bobl for EU5bn (equates 42k Bobl, or 17k Bund).
  • And Spain 10yr EUR syndication

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