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Bunds and semi-core EGBS started poorly. The...>

EGBS
EGBS: Bunds and semi-core EGBS started poorly. The reason was largely down to
supply and the end of the month end extensions. 
- The Spanish auctions were a fairly average affair but the long dated OAT
auctions were surprisingly weak. There were some decent-sized auction
redistribution trades in the immediate aftermath and the results dragged Bunds
lower still but this also represented the low of the day for the Bund contract.
- There was a different dynamic in the periphery. Italian debt started to
perform well as the Italian Markit manufacturing PMI showed that the economy is
moving into a higher gear, then the leader of the 5-star movement, Luigi di Maio
has been making the right noises in a Bloomberg TV interview, helping to lessen
investor fears of what would happen if the M5S were in charge after March
elections.
- Towards the close of trading there was a 300k DV01 block trade selling OAT and
buying IK that propelled the 10Y BTP yield to a net 9.5bp decline on the day
before some gains were surrendered. The Bund-BTP spread is down 9bp to 124bp. 
- Reuters reported the names of the leads for the approaching Greek 7Y deal.
MarketsFixed Income Bullets
MarketsFixed Income Bullets

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