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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 AccessEGB/GILT: EGBs Initially Trade Heavy as Stocks Bounce
- A more subdued session so far for EGBs and Bunds, with most futures contracts taking their cue from the price action in equity markets.
- Supply has been one of the main talking points this morning with the UK holding a syndication for its inaugural 12-year green gilt (GBP10bln transaction size from books of over GBP100bln), Germany selling E3bln of its 7-year Bund and Finland selling E1bln of its 20-year RFGB.
- Bunds were better offered ahead of the NY crossover before recovering to trade flat. Peripheral spreads have all tightened against the German 10yr.
- Greece by a decent 5bps, following ECB's Stournaras saying that he expects the ECB to buy Greek debt in APP after the end of PEPP.
- Gilts have traded in line with Bund, initially wider by 0.6bp, but now 0.3bps tighter at the time of typing.
- Similar price action for Treasuries, with better selling on the margin on the back of higher Equities.
- US housing starts and building permits are due to cross later today. President Biden will be speaking later today with the Australian PM Scott Morrison as well as the UK PM Johnson.
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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.