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Leaning flatter on the cash open

BUNDS

Bund remains fairly tight on the cash open (range 171.24-171.39)

  • Curve is flat, with 5/30s trending at the lower part of the morning range.
  • Data today sees, French IP, Italian PPI and Portugal CPI, although final reading for the latter.
  • SUPPLIES: German Bobl (5yr) for EU4bn (equates to ~14k Bund), and Portugal 2027, 2030.
  • Given the attention on yields, tonight sees US 10yr for $38bn

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