Trial now

EGB/GILT: Reversing Early Losses


CHF LIBOR FIX - 22-06-2021


EUR LIBOR FIX - 22-06-2021


JPY LIBOR FIX - 22-06-2021


GBP LIBOR FIX - 22-06-2021

Sign up now for free access to this content.

Please enter your details below and select your areas of interest.

Shorter durations outperformed longer in May, trading through mild- to modest 5M average tails.
  • The 7Y was deemed strong not by how much the award rate traded through the When Issued, but that it performed well at all.
  • The sector has averaged a -1.3 tail over the last 5 auctions, while the February auction tailed -4.0 bps. The 10Y note, 20- and 30Y bonds all traded weak to poor compared to their 5M averages.
  • This is illustrated by the MNI May Auction Relative Strength Indicator:

MNI UST Issuance Deep Dive - June 2021

Sell-side analysts continue to anticipate a gradual reduction in auction sizes in the latter half of the year. Next week's 3Y, 10Y re-open and 30Y re-open auction sizes expected to remain at $58B, $38B and $24B respectively.