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EGB SUMMARY: By now, it is becoming the norm that EGB prices tend to rise early
in the European morning but today there was reason to cheer because SAFE issued
kind of a denial that it would reduce or stop buying of US Treasuries.
- The (new) 10Y Bund yield fell to 0.515% before some selling was seen and took
the yield back to 0.525%, where it currently sits.
- Peripheral markets are very strong today as peripheral new issuance has
cleared the decks - at least until next Thursday's Spanish auctions/possible 10Y
syndication. Bund-BTP is -3.4bp, Bund-Bonos -3bp and Bund-PGB -5bp today.
- Italy sold the maximum E3.0bln 3Y and 3.0bln of 7Y BTPs today. The auctions
were not strongly but there was a positive price reaction in the aftermath.
- EIB is selling a 30Y with the latest update is a E3bln order book with
guidance at mid swaps +1bp.
- At 1230 GMT, the ECB will publish the account of the December monetary policy
meeting. This is not seen to be a large market mover although clues will be
sought to discover the possible split between CSPP and APP programme.