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Week ahead

BUNDS

A fairly tight 27 ticks range open for the Bund (173.91-174.18, low/high), and no tier 1 data nor speaker scheduled to start the week.

  • The contract is holding onto its gains, despite the better Equity future buying into the Equity cash open.
  • Curve is bull flatter on the margins, albeit within ranges.
  • Focus this week will be on the UK state of play regarding the withdrawal agreement, Fed and BoE.
  • SUPPLIES:
  • Tuesday: Germany E4bn of the 0% Nov-27 Bund on offer.
  • Wednesday: Germany will re-open the 1.25% Aug-48 bund for E1.5bn.
  • Thursday: Spain will sell the 0% Apr-23 Bono, 0.80% Jul-27 Obli, 4.70% Jul-41 Obli and the 1.00% Oct-50 Obli with issue volumes TBA.
  • France will auction the 0% Feb-23 OAT, 0.50% May-26 OAT and the 0.75% May-28 OAT for E7.5-8.5bn as well as the 0.10% Mar-26 OATEi, 0.70% Jul-30 OATEi and the 0.10% Jul-47 OATEi for E0.725-1.25bn.

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