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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessPREVIEW: Greece 5y tap (2/2)
- Greek spreads have risen notably this week, the spread on the 2.00% Apr-27 GGB to the 0% Apr-27 Bobl has increased from around 120-135bp last week to over 170bp at the time of writing, with yields having risen above the 2.00% psychological level (and 10-year GGB yields having breached 3.00%).
- This move is partly due to expectations of supply, partly due to S&P only upgrading Greece by one notch (i.e. not to investment grade) and noting that this was with a "stable" outlook (so making it unlikely for a short-term upgrade to IG from S&P which some had expected after payments to the IMF had been completed). To a lesser extent also due to risk aversion in bond markets seeing all EGB spreads widen.
- Timing: Books normally open between 8:00-8:30 (the last two opened at 8:30 and 8:20). The spread was set on the January 2022 syndication just before 10:10, but prior syndications in 2021 have seen it set between 10:30-11:40. Books have closed between 11:00-12:00 (11:00 in January 2022). Final terms have ranged between 11:55-14:25 (last at 13:48) with pricing of single tranche deals generally 90-120 minutes after final terms.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.