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Focus on supply in early trading


A flat open for the Bund, with the contract retracing the whole sell off move from the Moderna news yesterday.

  • The contract trades near the 50% retracement of Monday 9th sell off on Pfizer at 175.00.
  • Peripheral spread sit a touch tighter, albeit in thin volumes.
  • Today sees no data of note, but more BoE Fed speakers are scheduled. ECB Lagarde will speak at Bloomberg new economy forum.
  • Focus this morning, will be on Germany selling Schatz 2yr EU6bn (equates 8.2k Bund or 61.5k Schatz).
  • But ALL EYES remains on Brexit and Covid.

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