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Bearish Cycle Still In Play


Focus this week remains on Brexit and US stimulus developments.

  • We have a quiet day on the data front to start the week, and focus today will be on Speakers, with ECB Lagarde, Guindos, de Cos, Mersch and Lane.
  • SUPPLIES: A much lighter week, with estimated EU8.4bn.
  • Today sees:
  • Slovakia tap of the 0.125% Jun-27 SlovGB, 0.75% Apr-30 SlovGB, 1.625% Jan-31 SlovGB and the 1.875% Mar-37 SlovGB for a combined EU571mln
  • Belgium re-open the 0.10% Jun-30 OLO and the 1.45% Jun-37 OLO for 1.3-1.8bn.
  • Tuesday:
  • Germany will offer EUR4bn of the 0 Sep-22 Schatz.
  • The ESM has sent at RfP which indicates a bond auction will take place by end-week.
MNI London Bureau | +44 203-865-3806 |