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NGEU syndication the highlight

  • The main event for Eurozone bonds this morning will be the inaugural launch of the NextGenerationEU bond, with a 10-year bond due to be sold via syndication. We look for a transaction size of E10-12bln.
  • There are a number of ECB speakers today (de Cos, Lane, Panetta, Holzmann) with Lane's opening remarks at the ECB Conference on Forecasting Techniques likely the highlight (due at 12:00BST).
  • The European data calendar is rather light this morning with final inflation prints and trade data the highlights. However US data will be closely watched ahead of tomorrow's FOMC decision. PPI is the highlight but retail sales and industrial production are both also significant.
  • In terms of other supply this morning, Germany looks to sell Schatz for E5bln, Finland 7/10-year RFGBs for E1.5bln while Spain and the ESM both look to sell bills.
  • Bund futures are up 0.02 today at 172.66 with 10y Bund yields down -0.4bp at -0.256% and Schatz yields unch at -0.678%.
  • BTP futures are down -0.03 today at 151.94 with 10y yields down -0.3bp at 0.776% and 2y yields down -0.4bp at -0.396%.

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