RANsquawk DAILY G7 BOND AUCTION PREVIEW – 22/05/12
AUCTION PREVIEW: NDL EUR 2.5-3.5bln 0.75% Apr'15 DSL Auction
Today the Dutch Debt agency is conducting its 0.75% 15-Apr-15 auction, where it expect to raise an amount in the range of EUR 2.5-3.5bln.
- The 0.75% Apr'15 DSL was last auctioned in Mar'12, with an issue price of 100.40 (yield of 0.618%). This line has been tapped just twice, with the first in Jan'12, with an issue price of 99.67 (yield of 0.853%).
The Dutch Treasury will announce the issue price at 0900 BST. Results are expected between 0930-0945 BST.
AUCTION PREVIEW: SP EUR 1.5-2.5bln combined 3- and 6-month T-Bill Auctions
Today the Spanish Debt Agency is conducting its 3- and 6-month T-Bill auctions where it expects to raise a combined amount of between EUR 1.5-2.5bln. In terms of historic data:
- The last 3-month T-Bill auction was held in Apr'12, with a bid/cover ratio of 7.61 (yield 0.634%). The last three 3-month auctions have seen an average bid/cover ratio of 5.05 (average yield 0.470%).
- The last 6-month T-Bill auction was held in Apr'12, with a bid/cover ratio of 3.25 (yield 1.580%). The last three 6-month auctions saw an average bid/cover ratio of 6.35 (average yield 1.060%).
Results are expected between 0930-0945 BST.
AUCTION PREVIEW: ECB's 7-day Refinancing Operation
Today the ECB is conducting its 7-day refinancing operation where expectations are for the ECB to allot EUR 40bln with the expected range 35-45bln given for this week's operation. In the last 7-day refinancing operation the ECB allotted an amount of EUR 42.988bln with 84 total bidders.
Results are expected between 1000-1030 BST.
AUCTION PREVIEW: EFSF EUR 1.5bln 6-month T-Bill Auction
Today the EFSF will conduct its 6-month T-Bill auction where it expects to raise an amount of EUR 1.5bln for the ongoing bailout funding of Greece, Ireland and Portugal. In terms of historical data:
- The 6-month T-bill auction was last held in Apr'12, with a bid/cover ratio of 1.90 (yield 0.254%). The last three 6-month T-Bill auctions saw an average bid/cover ratio of 2.57 (average yield 0.231%).
Results are expected shortly after 1100 BST.
**The ECB will conduct its liquidity draining operation at 1200 BST, where the total amount to be absorbed is EUR 212.0bln.
AUCTION PREVIEW: US Fed's Outright Treasury Coupon Sale Mar'13 – Sep'13
Today the NY Fed is conducting its Outright Treasury Coupon Sale in the maturity range Mar 2013 – Sep 2013. This is the fifteenth operation of this series as part of the Fed's new maturity extension program, and until May 31st 2012, the Fed expects to buy approximately USD 15.43bln in the remaining 5 operations and sell USD 15.75bln in the remaining 2 operations. It is worth noting that the Fed originally planned to buy about USD 45bln in 15 operations and sell about USD 43bln in 6 operations.
In today's operation, the Fed expects to sell in the range of USD 8.00bln – USD 8.75bln. The last Outright Treasury Coupon sale operation in the maturity range of 1 –1.5 years was on the 18th April 2012, with a sale size of USD 8.63bln and a submitted/accepted ratio of 6.80.
This Operation is tentatively scheduled to begin around 1515 BST (1015 EDT) and close at 1600 BST (1100 EDT). Results are released shortly after 1600 BST (1100 EDT).
Sources: www.dsta.nl/english, http://www.tesoro.es/en, http://www.ecb.int/home/html/index.en.html, www.efsf.europa.eu, http://www.newyorkfed.org/markets/tot_operation_schedule.html
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*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.
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