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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.
EGBS
Citi note that “Greece heads to a second election on Sunday, with polls suggesting an absolute majority for the incumbent centre-right New Democracy.”
- “Further, there is a chance that they might exceed poll indications given some suggestions that many young people - supporting the left - are in seasonal work away from home and might not be able to vote.”
- “This result might drive another ~10bp tightening for the 10-Year GGB-/Bund spread as an upgrade to IG appears closer.”
- “As a reminder, the first major IG index inclusion requires two upgrades into IG territory. Whilst the ratings closest to IG are not on review until Q4 this year, the market is likely to price ahead of the event.”
- “We recommended a 10-Year GGB-PGB tightener last week to express this,” although they note that this morning’s GGB auction was probably a better option when it came to expressing that view.”
Fig. 1: 10-Year GGB/Bund Spread
Source: MNI - Market News/Bloomberg
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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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