Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
Reporting on key macro data at the time of release.
Real-time insight on key fixed income and fx markets.
- Emerging MarketsEmerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
- MNI ResearchMNI Research
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
- About Us
Sign up now for free access to this content.
Please enter your details below and select your areas of interest.
Gilts outperformed on BoE day, with the Bank defying those who had positioned for a hawkish surprise.
- The BoE decision was in line with expectations (no change in policy, 8-1 vote to maintain QE policy, with the departing Haldane dissenting). Gilts rallied, and with Bunds stalling, the UK/ German spread is now at tightest levels since February.
- Periphery spreads tightened slightly, led by BTPs (which had underperformed Wednesday).
- French business confidence and German IFO data exceeded expectations.
- The only supply was Italy selling E6bln of new 7Y CCTeu floater via syndication. Tomorrow they sell E3.75B of short-term BTP and BTPei.
German/UK Yields And 10-Yr Spreads To Germany
- Germany: The 2-Yr yield is up 0.2bps at -0.651%, 5-Yr is down 0.1bps at -0.569%, 10-Yr is down 0.7bps at -0.185%, and 30-Yr is down 0.2bps at 0.306%.
- UK: The 2-Yr yield is down 1.6bps at 0.073%, 5-Yr is down 3bps at 0.354%, 10-Yr is down 3.6bps at 0.744%, and 30-Yr is down 3.5bps at 1.245%.
- Italian BTP spread down 2bps at 105.3bps /Spanish down 1.1bps at 61.7bps