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Supply Helps Cap Rallies

EGBS

Core/semi-core EGBs have traded in a tight range through the morning, with today's heavy sovereign issuance schedule helping to cap rallies.

  • Bunds are +15 ticks at 132.68, close to intraday highs but still well within yesterday's range.
  • Monday's low of 132.33 has held today, with key support at 131.78 (Feb 22 low and bear trigger) below that.
  • 30-year supply from Germany (Aug-50 Bund) and France (syndicated launch of May-55 OAT) will be weighing at the long-end, with cash curves showing a light bull steepening bias at typing.
  • 10-year periphery spreads to Bunds are a touch wider - the 10-year BTP/Bund spread is +0.4bps at 145.6bps.
  • Earlier today, Eurozone M3 money supply was below consensus at 0.1% Y/Y (vs 0.3% cons, 0.2% prior).
  • The regional calendar is quiet today, with ECB's Elderson unlikely to focus on monetary policy topics at his 1200GMT speech.
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