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PREVIEW: 2-Year JGB Supply Due


Curve Twist Steepens, Futures Narrow


EDU2/Z2/H3 Fly Given

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  • Some small unwind continuation in Bund and on the German curve.
  • Bund contract is better bid, and likely to see some RECeiving interest after the German 10yr yield tested the next initial target at -0.0704%, printing a -0.072% on Friday.
  • Further downside push in Bund, targets -0.05%, which today, would equate to 167.72.
  • German 5/30s is edging at the upper end of the range, albeit still at the flattest levels since 1st February.
  • That part of the curve has flattened an impressive 22.148bps just in October.
  • We have no real market moving data to start the week, German IFO is the notable release but unlikely to move the needle.
  • Notable speakers are ECB de Cos, and BoE Tenreyro.
  • Earning season continues for Europe and the US, including Amazon, Apple, Alphabet, Facebook , Microsoft, Spotify, Twitter, to name a few.