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Yield levels in EGBs hold ahead of the ECB

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  • Bund and EGBs have seen good unwind from their respective highs Yesterday going into the unofficial European close, profit taking and taking some of the positions off was likely at play as well as Yield Tech levels, with the street now turning its attention to the ECB, but more so to the forward outlook, since a cut is all but assure.
  • The ECB will also narrow the spreads between its Rates.
  • For Yields, the August low in Bund equated to 135.55 Yesterday, was rejected at 135.49, French OAT bounced off 2.80%, and the Italian 10yr was bang on the 2024 low that was situated at 3.523%, printed a 3.523% low Yesterday.
  • Today sees, Spain final CPI, but the main focus on the data front will be on the US IJC and PPI.
  • SUPPLY: Italy €3.5bn 3yr (equates to ~39.5k short 2yt BTP) should weigh, €3bn 7yr (equates to 20.3k BTP) could weigh), Ireland €1bn combined 2031, 2034, too small won't impact EGBs.
  • UK sells £2bn 2026 via tender, US Sells $22bn 30yr reopening.
  • SPEAKERS: ECB Lagarde's presser.
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  • Bund and EGBs have seen good unwind from their respective highs Yesterday going into the unofficial European close, profit taking and taking some of the positions off was likely at play as well as Yield Tech levels, with the street now turning its attention to the ECB, but more so to the forward outlook, since a cut is all but assure.
  • The ECB will also narrow the spreads between its Rates.
  • For Yields, the August low in Bund equated to 135.55 Yesterday, was rejected at 135.49, French OAT bounced off 2.80%, and the Italian 10yr was bang on the 2024 low that was situated at 3.523%, printed a 3.523% low Yesterday.
  • Today sees, Spain final CPI, but the main focus on the data front will be on the US IJC and PPI.
  • SUPPLY: Italy €3.5bn 3yr (equates to ~39.5k short 2yt BTP) should weigh, €3bn 7yr (equates to 20.3k BTP) could weigh), Ireland €1bn combined 2031, 2034, too small won't impact EGBs.
  • UK sells £2bn 2026 via tender, US Sells $22bn 30yr reopening.
  • SPEAKERS: ECB Lagarde's presser.