MNI BRIEF: Powell Says US Is 'Far' From Fiscal Dominance

MNI BRIEF: US Firms Wary of Tariff-Related Inflation - Fed

MNI: US NOV FINAL SRVCS PMI 56.1 (FLASH 57.0); OCT 55.0

MNI NBP WATCH: Rates Held, Outlook Unchanged

MNI BRIEF: Barkin Aims For 'Somewhat Restrictive' Fed Rates

MNI China Daily Summary: Wednesday, Dec 4

EZ/UK Bond Supply Calendar: Spain, France Auction, UK Tender

US EIA: CRUDE OIL STOCKS EX SPR -5.07M TO 423.4M NOV 29 WK

MNI: US ISM NOV SERVICES COMPOSITE INDEX 52.1

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

BUNDS: /SWAPS: ASWs A Little Narrower Despite PMI Misses

BUNDS
BundesbankCentral Bank NewsCEEMEAEurozoneGermanyBulletMarketsFixed Income Bullets

ASWs little changed to a touch narrower this morning, despite the softer-than-expected French & German flash PMIs.

  • This comes after the recent widening from cycle/all-time lows across German ASWs.
  • Commerzbank have turned a little more constructive on the short-term outlook for swap spreads.
  • They write “with short-end repo spreads fairly stable, the recovery of ASW spreads could continue into year-end, after the cheapening to unprecedented levels last week. Term and forward repo spreads are still very high with ample of room to converge with the lower short-term levels and sovereign bond backflows are providing investors with ample cash into year-end.”
98 words

To read the full story

Close

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.

ASWs little changed to a touch narrower this morning, despite the softer-than-expected French & German flash PMIs.

  • This comes after the recent widening from cycle/all-time lows across German ASWs.
  • Commerzbank have turned a little more constructive on the short-term outlook for swap spreads.
  • They write “with short-end repo spreads fairly stable, the recovery of ASW spreads could continue into year-end, after the cheapening to unprecedented levels last week. Term and forward repo spreads are still very high with ample of room to converge with the lower short-term levels and sovereign bond backflows are providing investors with ample cash into year-end.”