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EGBS: Futures Off Intraday Lows As Supply Passes, EZ Retail Sales Tepid

EGBS
BulletEurozoneFixed Income BulletsMarkets

Major EGB futures have moved away from intraday lows following today's Spanish/French supply and the weaker-than-expected Eurozone retail sales print. However, Bund futures remain on track for a fifth consecutive losing session, currently -24 ticks today at 131.48. 

  • The German curve has bear flattened, with 2-year yields 2.5bps higher today and 30-year yields 1bp higher. Stronger-than-expected German industrial production data drove the initial short-end weakness earlier.
  • Both the Spanish and French auctions passed smoothly. Spain sold E6.222bln of nominals (the top half of its E5.5-6.5bln target) while France sold E12.997bln of LT OATs (top of the target range and the largest auction since March). The spread has been set for today’s 10-year PGB syndication.
  • 10-year EGB spreads to Bunds are biased wider, with OATs and GGBs underperforming.
  • Broader focus in France remains on developments ahead of PM Bayrou’s general policy speech to the National Assembly on Tuesday 14 Jan, where a budget is expected to be presented shortly after.
  • The remainder of today’s global macro calendar is light, with US session activity likely to be limited by today’s federal holiday.
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Major EGB futures have moved away from intraday lows following today's Spanish/French supply and the weaker-than-expected Eurozone retail sales print. However, Bund futures remain on track for a fifth consecutive losing session, currently -24 ticks today at 131.48. 

  • The German curve has bear flattened, with 2-year yields 2.5bps higher today and 30-year yields 1bp higher. Stronger-than-expected German industrial production data drove the initial short-end weakness earlier.
  • Both the Spanish and French auctions passed smoothly. Spain sold E6.222bln of nominals (the top half of its E5.5-6.5bln target) while France sold E12.997bln of LT OATs (top of the target range and the largest auction since March). The spread has been set for today’s 10-year PGB syndication.
  • 10-year EGB spreads to Bunds are biased wider, with OATs and GGBs underperforming.
  • Broader focus in France remains on developments ahead of PM Bayrou’s general policy speech to the National Assembly on Tuesday 14 Jan, where a budget is expected to be presented shortly after.
  • The remainder of today’s global macro calendar is light, with US session activity likely to be limited by today’s federal holiday.