Futures Twist Flatten, Funding For Ukraine Eyed

Bund futures firmed a little after the elongated weekend, with a bid in JGBs (linked to the release of the summary of opinions covering the most recent BoJ meeting) helping bulls.

• Bund futures are ~10 ticks shy of best levels showing just below 138.00, +5 on the day. Bulls have failed to test Friday’s high thus far.
• The German futures curve sees a light twist flattening bias in the time since Friday’s settlement.
• The most notable headline flow for the EGB space has probably come via an FT sources piece, suggesting that “the EU is preparing a back-up plan worth up to €20bn for Ukraine, using a debt structure that sidesteps the objections of Hungary’s Viktor Orbán about funding the war-torn country.” A reminder that this comes after the Union failed to agree on a proposed €50bn four-year package re: Ukraine funding.
• There isn’t much to note on Wednesday when it comes to slated Eurozone risk events.
• A quick reminder that you can view our summary of the ’24 Eurozone funding plans released thus far here.