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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 AccessEGBs-GILTS CASH CLOSE: Bank Panic Spurs Record German Rally
German yields across most of the curve dropped the most on record Wednesday as concerns over Credit Suisse spurred further bank-related risk aversion.
- The session began with rates selling off on a Reuters piece pointing to a 50bp ECB hike Thursday (following MNI's / later BBG's reporting), but was quickly consumed by Europe financial sector panic as bank stocks sold off 7% and risk spreads (including BTP periphery bonds) widened.
- The focus was Credit Suisse whose shares collapsed 31% at the lows, as its largest investor said they wouldn't inject more cash into the troubled bank.
- By the end of the session, 2Y, 5Y, and 30Y Bund yields had dropped by a single-day record, with the curve bull steepening sharply as ECB hikes were priced out. That includes just 12% implied prob of a 50bp raise Thursday.
- The CS headlines overshadowed the UK Budget announcement, which held few surprises. Gilts easily underperformed Bunds, with modest bull steepening.
- Attention overnight will remain on any news related to Credit Suisse, ahead of the ECB decision Thursday.
Closing Yields / 10-Yr Periphery EGB Spreads To Germany
- Germany: The 2-Yr yield is down 48.3bps at 2.409%, 5-Yr is down 37.5bps at 2.137%, 10-Yr is down 29bps at 2.13%, and 30-Yr is down 26.5bps at 2.145%.
- UK: The 2-Yr yield is down 18.9bps at 3.292%, 5-Yr is down 17.8bps at 3.214%, 10-Yr is down 16.7bps at 3.321%, and 30-Yr is down 13.9bps at 3.755%.
- Italian BTP spread up 13.6bps at 198.1bps / Greek up 18.9bps at 210.2bps
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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.