Free Trial

Commerzbank Remain Geared Towards Tactical ASW Wideners

BUNDS

Commerzbank note that “domestic official deposits at the Bundesbank increased by €4.5bn last week, taking deposits to €40bn. Seasonality is key though as deposits increased by €15bn on average in the same period between 2015 and 2022. The increase in deposits is thus much smaller than the historical pattern would suggest, which indicates that public depositors are still keen to reduce their deposits further. Deposits of non-€ accounts at the Bundesbank remained virtually unchanged last week.”

  • “We expect uncertainty re: the impact of the Bundesbank's remuneration adjustment for official deposits to remain high over coming weeks. Therefore, we prefer to play it safe for now via tactical ASW-wideners.”
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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.