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EUROZONE ISSUANCE

EU SURE syndication update

POLAND

2023 Breakeven Inflation Reaches 3.9%

SHORT-STERLING OPTIONS

Blue put fly

BOND SUMMARY

EGBs-GILTS: Gilts, BTPs Underperforming Early

USD

Quick MNI technical

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Bund moves off its best levels to trade at the lower part of the range, following the 77 ticks spikes yesterday, on the back of Equities plummeting

  • Estoxx futures is at the 38.2% retracement of that afternoon fall, while {us} Nasdaq (Futures) edges back towards the 50% retrace.
  • Curve is leaning bear steeper
  • Focus this morning turns to services PMIs, although will be final reading for France, Germany and EU.
  • SUPPLIES: German EU4bn Bobl (equates to 31.8k Bobl, or 13.6k Bund).
  • UK 2031 and 2046 (equate circa 62k Gilts).
  • This should keep the lid on UK Gilts into the bidding deadline
  • Speakers sees Fed Evans, Rosengren, Mester, and ECB Lane