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Leaning bull flatter

BUNDS

The contract trades in the green since the German cash open, with the curve still leaning bull flatter on the margin.

  • Range is tight (174.88-175.11), ahead of a busy week for Risk (Brexit, Covid), Speakers (Lagarde speaks multiple times) and supplies (estimated EU30bn)
  • Very little in terms of noted data for today, while we get a few ECB speakers, including Giundos, Centeno, Lagarde and Mersch
SUPPLIES:
  • Monday: Slovakia sell the 1.00% Jun-28 SlovGB, 1.00% Oct-30 SlovGB, 1.00% May-32 SlovGB and the 2.00% Oct-47 SlovGB for a combined E0.5bn.
  • Tuesday: Germany will offer E5.0bn of the 0% Dec-22 Schatz.
  • Thursday: Spain sell the 0% Jan-26 Bono and the 0.80% Jul-27 Obli with target volumes TBA.
  • France sell the 1.75% May-23 OAT, 0% Feb-26 OAT and the 2.75% Oct-27 OAT for E7.5-8.5bn, as well as the 0.10% Mar-26 OATEi, 0.10% Mar-36 OATi and the 0.10% Jul-36 OATEi for E1.0-1.5bn.
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