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Supply and CPI

BOND SUMMARY
  • Core fixed income has moved moderately lower this morning as the market digests a huge amount of issuance. Italian and Dutch spreads have widened due to issues from those countries.
  • It's a big day for supply: Italy has already held a 3/5/15y BTP auction and the UK a 50-year gilt auction. Spain and the Netherlands are launching 15y issues, Austria holding a 4y/50y syndication, Germany selling linkers via auction and the US is selling $24bln 30-year USTs via auction. The EGB issues are likely to sum to around E28.5bln.
  • With the reflation trade having been one of the key talking points of 2021, there will be huge interest in today's US CPI print, which is due for release at 8:30ET/13:30BST. There are also a number of Fed speakers today with Harker, Daly, Barkin and Mester all due to make appearances.
  • TY1 futures are down -0-5 today at 131-15 with 10y UST yields up 2.3bp at 1.691% and 2y yields up 0.3bp at 0.172%.
  • Bund futures are down -0.14 today at 171.16 with 10y Bund yields up 1.1bp at -0.284% and Schatz yields up 0.3bp at -0.709%.
  • Gilt futures are down -0.04 today at 128.08 with 10y yields up 0.8bp at 0.796% and 2y yields up 0.5bp at 0.052%.
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