Germany sells EUR 700.9mln vs exp. EUR 1bln 3.25% 2042 Bund, EUR 809mln vs exp. EUR 1bln 0.00% 2052 Bund, EUR 822mln vs exp. EUR 1bln 2.90% 2056 Bund & EUR vs exp.

Today's German bond auction revealed weaker demand across all maturities, falling short of expectations with mixed bid-to-cover ratios.

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Infosys (INFY) Q3 2025 (USD): Revenue 5.15bln (exp. 5.23bln), Operating Margin 18.4% (exp. 21.3%). Guidance: FY26 Revenue +3% to +3.5% (prev. guided 2-3%)

European Commission President von der Leyen says funding to Ukraine for the 2026-27 period will be EUR 90bln. To be split into EUR 60bln for military and EUR 30bln for fiscal support.

Germany sells EUR 700.9mln vs exp. EUR 1bln 3.25% 2042 Bund, EUR 809mln vs exp. EUR 1bln 0.00% 2052 Bund, EUR 822mln vs exp. EUR 1bln 2.90% 2056 Bund & EUR vs exp.

[MARKET UPDATE] European & US equity futures pullback, ES -0.4% & DAX 40 -0.4%, alongside an uptick in fixed income and JPY. With the general risk tone seemingly hit as crude continues to climb on escalating Iran tensions

Alibaba (BABA/9988 HK) is reportedly to invest in Montage's share sale in Hong Kong

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  • 3.25% 2042: b/c 1.1x (prev. 1.24x), average yield 3.23% (prev. 3.08%), retention 29.9% (prev. 26.7%)
  • 0.00% 2052: b/c 1.5x (prev. 1.9x), average yield 3.45% (prev. 2.83%), retention 19.0 (prev. 25%)
  • 2.90% 2056: b/c 2.1x (prev. 1.3x), average yield 3.45% (prev. 3.26%), retention 17.8% (prev. 24.0%)
Context

The higher retention rates, especially for the 3.25% 2042 Bund, and significant increases in average yields suggest investors are becoming more cautious, reflecting shifts in market sentiment that could impact future issuance and overall fixed income performance.

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