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Supply and politics

BOND SUMMARY
  • There have been three main talking points in fixed income markets this morning: heavy supply again, Italian politics and what time will Biden speak tomorrow (no set time yet).
  • Italian politics have returned to the forefront of attention again and Italy Alive leader Renzi will hold a press conference today at 16:30GMT (9:30ET). Renzi may pull Italy Alive ministers from government positions which would likely require a vote of confidence to be held and it is far from certain that the government would survive. BTPs are off their lows today but 10-year spreads are still 1.7bp wider on the day.
  • In terms of supply, today has seen Spain holding a 10-year syndication while Germany is due to launch its new Bobl and Portugal and a number of SSAs/corporates add to a heavy day of issuance.
  • Against this backdrop, core fixed income markets have reversed some of their early gains, but remain above yesterday's close.
  • TY1 futures are up 0-2 today at 136-14+ with 10y UST yields down -0.7bp at 1.123% and 2y yields up 0.5bp at 0.151%.
  • Bund futures are up 0.46 today at 176.90 with 10y Bund yields down -2.8bp at -0.497% and Schatz yields down -0.8bp at -0.703%.
  • Gilt futures are up 0.22 today at 133.91 with 10y yields down -1.8bp at 0.332% and 2y yields down -0.7bp at -0.91%.
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