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Drivers Of The Latest Core FI Bid

BONDS

We point to a number of drivers for the latest bid in global core FI, which saw Bund, Tsy and Gilt futures briefly reach intraday highs. The latter remains the outperformer today, with Gilts +90 at 98.64 at typing.

  • Aforementioned block buying in both Bunds and Tsys in the latest 30 minutes (block crossed at 1005ET, consistent with a flattener).
  • Solid absorption of today's sovereign supply, in particular today's 30Y Spanish syndication, where strong demand pushed books to close in excess of E83bln for the E6bln issued. The pricing of corporate deals in the IG space will also be helping relieve pressure on the space.
  • Haven bid related to continued weakness in regional banks (NYCB down another >10% after falling 11% yesterday). However, we note that spillovers from this channel into German ASW spreads appear limited at this stage, with spreads generally a touch tighter intraday.
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