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Free AccessASIA/US/EUROPE BD/STK RECAP: TSYS EBB: KOREA SAFE-HAVEN UNWIND
US TSYS SUMMARY: US Treasuries open NY weaker after overnight give-back of
pre-weekend safe-haven buying tied to US/N.Korea tensions; curves mixed with
2/5Y, 2/10Y steeper but 5/30Y marginally flatter.
- TOKYO: Saw Japanese markets "catch up" Monday after a one-day Japanese
holiday; NIkkei ended off 0.98%. Japanese 2Q GDP rose to 4% annualized. Tsys saw
some safe-haven unwinds though Japan deployed Patriot anti- missile batteries in
4 western prefectures; China banned some N.Korea imports such as lead & "sea
products. Japanese banks and Mideast central banks sold Tsys, while MBS-tied
selling in Tsys, end-user MBS selling.
- LONDON: Tsys saw carryover weakness, declined with softer German Bunds, UK
Gilts. And stronger European stocks spurred risk-off uwninds too, as fast$ and
real$ sold 10Y notes.
- US SWAPS: Steady/marginally mixed.
- O/N RP: 2Y Tsy note tighter; 3/10/30Y auctions settle Tues.
- Eurodlr futures: Lower; large sale of about 19.8K Mar'18, 98.50, partially
tied to 4,000 Mar'18/Red Sep'18 flattener.
- HIGH-GRADE CORPORATE BOND ISSUANCE: Amazon investor calls Mon via BAML/GS/JPM,
then 144a/RegS multi-part deal to follow.
EGB SUMMARY: Bunds have started the week by giving back a portion of the large
gains of last week. Within the first hour of trading, the Sep-17 contract had
fallen below Friday's low of 164.19. The move is driven by a risk on sentiment
as the North Korean headlines have ebbed.
- At around 09.20BST, news emerged that China had decided to ban import of coal
and other products from North Korea and so hopes of a diplomatic solution rose,
hurting Bunds in the process.
- Italian government debt is strongly bid a newspaper report picks up upon the
recent decline in Italian bank NPLs caused by rapid sales. The Bund-BTP spread
is 4bp tighter at 161bp but Spanish debt is moving more rapidly to 103bp. Spain
is being assisted by a very positive article about Spanish growth in the WSJ
alongside a decline in geo-political risks.
- Germany issued a new 6m bubill this morning and France does the usual bill
auctions this afternoon but there is no bond supply this week.
- Data has seen Eurozone IP data come close to consensus. Portuguese GDP missed
expectations and grew only 0.2% in Q2.
GILT SUMMARY: The UK Gilt market opened lower after a weekend in which fears of
an escalation in the North Korean issue proved false. Indeed, hopes of a
diplomatic solution appeared to rise slightly as the head of the US military
stressed the need for a diplomatic solution.
- The 10-Year Gilt suffered more when it was announced that China would ban the
import of coal and other materials from North Korea. Currently, the 10-Year
yield sits 2.5bp higher at 1.087%.
- The 2-10Y Gilt curve steepened in the bear market movement while the 10-30Y
section flattened. The flattening of the 10-30Y spread in Gilts was not mirrored
along the swap curve but
- The index-linked market suffered hard on Monday morning and the 10Y real yield
rose by 3.5bp to -1.91%. However, the move should be put into a context of a
13bp decline in yield last week.
--MNI New York Bureau; tel: +1 212-669-6432; email: sheila.mullan@marketnews.com
[TOPICS: MTABLE,MNUEQ$,M$U$$$,MR$$$$,M$$FI$,MN$FI$]
To read the full story
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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.