Free Trial

EGB/Gilt -Another busy session.

BONDS
  • Another big session for Govies, in terms of range at least.
  • Volumes were somewhat more subdued but still dominated by spread for EGBs and Bund.
  • All of the price action this afternoon, post the US NFP is driven by positioning.
  • Peripheral spreads are wider, with Italy by 9.1bps and Greece 7.2bps.
  • NFP was a beat, but it was widely expected that it would have a more limited impact this time around, with the forward focus on inflation and the events in eastern Europe.
  • EGBs and Bund are bid, and at the top of the range on safe haven, ahead of the EU close.
  • Gilt followed suit, and is up 106 ticks at the time of typing.
  • Looking ahead, after markets, ratings:
  • S&P on Cyprus (current rating: BBB-; Outlook Positive) & {FI} Finland (current rating: AA+; Outlook Stable)
  • Moody’s on Estonia (current rating: A1; Outlook Stable)DBRS Morningstar on Spain (current rating: A, Stable Trend)

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.