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Supply headlines dominate

EGB SUMMARY

Familiar themes have been the drivers today with Brexit talks continuing and Covid-19 concerns lingering.

  • The first EU SURE bonds were launched today via syndication with a dual tranche issue. EUR10bln of the 10-year was issued and EUR7bln of the 20-year with books over EUR233bln. Greece also announced a mandate for a tap of the 1.875% Feb-35 GGB.
  • Reuters reported that a new 8-year BTP Futura would be launched next week. Furthermore, Reuters report that the Director General of the Italian Treasury said that funding for the remainder of the year will be 30% lower than last year - not a huge shock given Italy had already issued EUR50bln more than its previously published 2020 target and is due to receive EU SURE funds towards the end of the year. BTPs initially spiked to their highs of the day on the news, but have since retraced half of this gain.
  • Bund futures are down -0.17 today at 175.94 with 10y Bund yields up 1.8bp at -0.611% and Schatz yields unch at -0.791%.
  • BTP futures are down -0.14 today at 149.29 with 10y yields up 0.9bp at 0.728% and 2y yields down -0.1bp at -0.330%.
  • OAT futures are down -0.03 today at 169.92 with 10y yields up 0.7bp at -0.336% and 2y yields down -0.4bp at -0.714%.
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