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Bear Leg Extends




August Economic Activity Rises 1.1% M/m


Uptrend Remains Intact

Steady ahead of a HUGE week


A steady, tight range start for Bund (176.19-176.32), ahead of a HUGE week in terms of risk.

  • US Election, Brexit talks continuing this week, US FOMC, RBA, Norges Bank and BOE, and US NFP to close down the week.
  • German curve is flat, but small bear steepening going through in US treasuries, with better selling of the long end, in Ultra (sold in 2.5k).
  • SUPPLIES: A fair amount to take down with an estimated EU 21.7bn.
  • Austria tap of the 0% Oct-40 RAGB for E0.69bn on Tuesday.
  • Germany will follow with a E0.5bn offering of the 0.50% Apr-30 iBund.
  • The Deutsche Finanzagentur returns for a second time on Wednesday to sell E3bn of the 0% Oct-25 Green Bond.
  • Thursday will see combined issuance from Spain and France.Spain will auction the 1.20% Oct-40 Obli and the 0.15% Nov-23 BonoEi with issue volumes TBA.
  • France will then wrap up for the week with a sale of the 0.50% May-29 OAT, 0% Nov-30 OAT, 1.50% May-50 OAT and the 4.00% Apr-55 OAT for E9.5-11.0bn.
MNI London Bureau | +44 203-865-3806 |
MNI London Bureau | +44 203-865-3806 |