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SPAIN T-BILL AUCTION RESULTS

3/9-month letras

EGB OPTIONS

Aug Bund 1x1.5x1 Call Fly Buyer

BOND SUMMARY

EGBs-GILTS: Constructive Start

EUROZONE ISSUANCE

Clarify: NGEU not NEGU

EUROZONE ISSUANCE

NEGU 10y - final spread set

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  • RES 4: 134-06+ High Feb 25
  • RES 3: 133-23 High Mar 2
  • RES 2: 133-16+ High May 7 and key short-term resistance
  • RES 1: 132-30+ High May 10
  • PRICE: 132-12 @ 20:09 BST May 18
  • SUP 1: 131-27 Low May 13
  • SUP 2: 131-18+/12 Low Apr 29 and key support / Low Apr 13
  • SUP 3: 131-03+ Low Apr 6
  • SUP 4: 130-25+ Low Apr 5 and the bear trigger

US 10y futures are largely unchanged. The contract found support last week at 131-27, May 13 low. This marks a key short-term level that if breached would expose support at 131-18+, Apr 29 low. The broader trend remains bearish and a breach of 131-18+ would signal a resumption of the bear trend, paving the way for a test and breach of the key support at 130-25+, Apr 5 low. On the upside, key resistance remains 133-16+, May 7 high.