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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.
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Free AccessChina's decision to institute a new....>
BOND SUMMARY: China's decision to institute a new security law for Hong Kong has
dominated the narrative this morning. While oil has pushed sharply lower and
equities have made fresh losses, price action in govvies has been relatively
contained.
- USTs have rallied with the curve bull flattening. The 2s30s spread is 3bp
lower, while TYM0 trades at 139.09 and towards the top end of the morning range.
- BoE Deputy Governor Dave Ramsden earlier stated that it is possible that the
Bank will deliver more QE at the June meeting and that it is reasonable to have
an open mind on negative rates. This follows recent comments from Governor
Bailey who said it was 'foolish' to rule out negative rates.
- Gilts are slightly bid and the curve a touch flatter. Cash yields are 1-2bp
lower, while the Jun-20 gilt future trades at 138.74 up 27 ticks from the close.
- Bunds now trade close to unch on the day. Current yield levels: 2-year
-0.6973%, 5-year -0.6878%, 10-year -0.4998%, 30-year -0.0664%.
- BTPs sold off earlier in the session and have subsequently clawed back some
losses. Short-end yields remain a touch above yesterday's close.
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.