EUROS

摘要

The scheduled supply week in Europe kicked off on Tuesday with Austria selling €1.2bn of four and 10-year paper without drama. The average yield on the €500m 0.25% October 2019s was 0.11% and it was 1.144% on the €700m 1.20% October 2025s. The uk dmo returned to the market on Tuesday with a £1.75bn tap of the 30-year Gilt, the 3.5% January 2045. The bid-to-cover of 1.89:1 was up on the 1.58:1 at the last auction of this stock on June 11. The average price of 115.551, with a4.1-tick tail, was six ticks above the offered side of the market as the bidding deadline expired. This demonstrated decent demand, no doubt on the usual pension fund interest in longer-dated Gilts and some decent relative value despite the lack of any major outright concession in the run-up to the tap.