RANsquawk DAILY G7 BOND AUCTION PREVIEW – 20/06/12
AUCTION PREVIEW: ECB's 7-, and 84-day USD Operations
Today the ECB is conducting its 7-, & 84-day USD operations. In the last 7-day USD operation, which took place on the 13th June 2012, the ECB allotted an amount of USD 2.447bln with 6 total bidders.
In the last 84-day USD operation, which took place on the 23rd May 2012, the ECB allotted an amount of USD 10.268bln with 17 total bidders.
Results are expected at 1000 BST.
AUCTION PREVIEW: GE EUR 5bln 0% Jun'14 Schatz Auction
Today the Bundesbank is conducting its 0% 13-Jun-14 Schatz auction, where it expects to raise approximately EUR 5bln. This will be the second auction on this line, with the last auction held in May'12, with a bid/cover ratio of 1.70 (yield 0.070%, retention 8.9%).
Despite the fact the German debt chief Daube suggested he expects decent demand in their zero-coupon bond auctions, the fact there is no real concession and yields on Schatz remain near record lows, the bid/cover ratios will likely be in-line with the average.
Today's sale amounts to the equivalent of 8,000 Bund contracts, or 45,000 Schatz contracts.
Results are expected around 1030 BST.
AUCTION PREVIEW: Bank of England GBP 5bln 6-Month ECTR Auction
Today the BoE conducts their first auction under the ECTR facility following the announcement last Friday by the BoE Governor King. Governor King initiated the program to ease credit flow and help alleviate the funding squeeze being felt in the UK, and according to the BoE 'the ECTR facility can be used to provide additional sterling liquidity to the banking system when required'. In simple terms, these operations mean that UK Banks will be able to swap assets that no-one wants for cash under a 6-month loan.
The BoE intends to hold an ECTR auction at least once a month until further notice, with the size of the auction to be at least GBP 5bln and the minimum bid rate in these auctions will be a spread to Bank Rate of 25bps. Today's auction has a size of GBP 5bln.
The bidding deadline is at 1100 BST, results are expected 30 minutes later at 1130 BST.
Sources: www.ecb.int, www.deutsche-finanzagentur.de, www.bankofengland.co.uk
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Today the ECB is conducting its 7-, & 84-day USD operations. In the last 7-day USD operation, which took place on the 13th June 2012, the ECB allotted an amount of USD 2.447bln with 6 total bidders.
In the last 84-day USD operation, which took place on the 23rd May 2012, the ECB allotted an amount of USD 10.268bln with 17 total bidders.
Results are expected at 1000 BST.
AUCTION PREVIEW: GE EUR 5bln 0% Jun'14 Schatz Auction
Today the Bundesbank is conducting its 0% 13-Jun-14 Schatz auction, where it expects to raise approximately EUR 5bln. This will be the second auction on this line, with the last auction held in May'12, with a bid/cover ratio of 1.70 (yield 0.070%, retention 8.9%).
Despite the fact the German debt chief Daube suggested he expects decent demand in their zero-coupon bond auctions, the fact there is no real concession and yields on Schatz remain near record lows, the bid/cover ratios will likely be in-line with the average.
Today's sale amounts to the equivalent of 8,000 Bund contracts, or 45,000 Schatz contracts.
Results are expected around 1030 BST.
AUCTION PREVIEW: Bank of England GBP 5bln 6-Month ECTR Auction
Today the BoE conducts their first auction under the ECTR facility following the announcement last Friday by the BoE Governor King. Governor King initiated the program to ease credit flow and help alleviate the funding squeeze being felt in the UK, and according to the BoE 'the ECTR facility can be used to provide additional sterling liquidity to the banking system when required'. In simple terms, these operations mean that UK Banks will be able to swap assets that no-one wants for cash under a 6-month loan.
The BoE intends to hold an ECTR auction at least once a month until further notice, with the size of the auction to be at least GBP 5bln and the minimum bid rate in these auctions will be a spread to Bank Rate of 25bps. Today's auction has a size of GBP 5bln.
The bidding deadline is at 1100 BST, results are expected 30 minutes later at 1130 BST.
Sources: www.ecb.int, www.deutsche-finanzagentur.de, www.bankofengland.co.uk
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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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