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Leaning bear flatter since the cash open

BUNDS

Bund curve remains flatter on the cash open, with early volume spread related.

  • Nonetheless, 5/30s has clawed back close to 10% from the Fen 26th low the last two days, and we open within yesterday mid range at 77.366.
  • Spread will once again dominate today.
  • Focus, will be on speakers, with ECB de Cos, Panetta, de Guindos, Schnabel, Fed Harker, Bostic, Evans, and some attention on BoE Tenreyro (Dove) speaking on Negative rates policy.
  • On the date front, European Service PMIs are mostly final reading.
  • SUPPLIES German 15yr EU3bn (equates to 29k Bunds), Italy plans EUR 4/2045 Green bond

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