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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessUS$ Credit Supply Pipeline
US Treasury Auction Calendar
On Thursday, France sells....>
FRANCE AUCTION PREVIEW: On Thursday, France sells three nominal OATs for a
combined total of between E7.5-9.0bln: 0.50% May-29 OAT, 1.25% May-34 OAT, and
1.50% May-50 OAT.
- HISTORY: The May-29 is the benchmark 10-Yr OAT, and was last sold on Mar 7 at
average yield 0.57% and bid-to-cover of cover of 1.88x. The 15-Yr May-34 was
also sold Mar 7, on a yield of 0.99% and cover of 1.94x. This will be the first
re-opening of the May-50, which was launched via syndication in February.
- RV: Since the Mar 7 auction of 10s and 15s, the curve has bull flattened, with
most gains in the 15-20Yr segment (10-12bps). The 10-Yr and 30-Yr segments have
lagged (yields down down 8.5bps). OATs have cheapened versus Bunds overall, with
the latter rallying amid concerns over the European growth trajectory. The 10-Yr
OAT/Bund spread has widened by around 4bps to 39bps over the past month.
Notably, a concurrent Spain 10-Year sale Thursday morning (results around
0945BST) could potentially weigh from a supply perspective.
- TIMING: Results are expected around 0950BST.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.