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New multi Year highs overnight for German Yields

BUNDS
  • German Yields continues to make multi year high overnight, with Bund testing 1.35%, this equated to 148.92 yesterday.
  • Similarly for the 2yr Schatz, yield tested 0.70%, equated to 108.965 yesterday.
  • Bobl need a test towards 123.52 to test the 2013 peak in Yield at 1.123%.Bund is off the low after the big German factory orders miss.
  • There's no tier 1 data left for the session, the UK services PMI will be final reading.
  • SUPPLY: German linkers (won't impact Bund), UK sells £3bn 2025 (Equates to 7.8k Gilt). US sells $44bn of 3yr notes.
  • SYNDICATION: Spain 10yr mandate.
  • SPEAKERS: ECB and Fed are on Blackout, but ECB's Wunsch presents Belgian Financial Stability review.

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