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Futures Little Changed, Supply From France & Spain Eyed

BUNDS

Roughly in line with exp. German PPI data (+0.1% Y/Y & -0.3% M/M) did little for Bunds around the old futures open, with the contract hovering just above unchanged levels as of typing. This comes after yesterday’s pull back from best levels, with the contract last showing ~110 ticks off yesterday’s high.

  • Late Wednesday saw the usual round of dovish comments from Greek central bank chief Stournaras.
  • Comments from fellow ECB Governing Council member Villeroy will cross later today. Villeroy is the only scheduled ECB speaker ahead of the Bank’s quiet period (with the address set to focus on the French current a/c).
  • Regional data releases scheduled for today include Eurozone current a/c and consumer confidence readings, as well as French confidence metrics.
  • On the supply front, Spain will come to the market this morning to hold a Bono/Olbi auction for E5.5-6.5bln (2.80% May-26 Bono, 1.40% Apr-28 Obli, 3.90% Jul-39 Obli & the 1.00% Oct-50 Obli). Meanwhile France will come to market with a MT OAT auction for E11-12bln (2.50% Sep-26 OAT, the 2.75% Feb-29 OAT & the 0.75% May-28 OAT). France will then return later to launch the new 0.60% Jul-34 OATei, for E1.75-2.25bln.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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