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