MNI China Daily Summary: Wednesday, April 17

MNI BRIEF: China To Quicken Project Construction - NDRC

MNI BRIEF:ECB Unifies Interest On Non-Monetary Policy Deposits

MNI: PBOC Conducts CNY2 Bln Via OMO Weds; Liquidity Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1025 Weds; -5.39% Y/Y

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

MNI: FOREIGN HOLDINGS OF CANADA SECURITIES -8.8B CAD IN FEB

ECB Underlying Inflation Metrics Support June Cut Consensus

EZ/UK T-Bill Calendar: 1/3/6-Month UKTB Auction on Friday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

EGBs-GILTS CASH CLOSE: BTPs Soar As ECB Set To Pick Up The Pace

BONDS

The ECB announced Thursday that it would significantly increase the pace of purchases under its PEPP programme from tomorrow. EGBs rallied, but the final impact was mixed.

  • 10-Yr Bund yields dropped 4.4bps following the decision statement, but the fall was pared to just 1.8bps by the end of Lagarde's press conference. Conversely, BTP spreads led the periphery rally, falling sharply and continuing to compress over the rest of the session.
  • Reuters sources story post-ECB said the PEPP monthly buying target "well above" E60bn, but <E100bn (implying between E15-25bn of weekly buys): ECB's been buying avg ~E14bn a week so far in 2021.
  • Earlier in the session, Italy and Ireland sold E1.5bn and E8bn in bonds, respectively.
  • Gilt yields ended the day higher. Attention first thing Friday will be on UK GDP figures.

Closing yields/10-Yr Spreads to Bunds:

  • Germany: The 2-Yr yield is down 0.9bps at -0.691%, 5-Yr is down 1.6bps at -0.632%, 10-Yr is down 2.1bps at -0.334%, and 30-Yr is down 0.3bps at 0.181%.
  • UK: The 2-Yr yield is up 1.4bps at 0.08%, 5-Yr is up 0.8bps at 0.327%, 10-Yr is up 2.1bps at 0.735%, and 30-Yr is up 3.1bps at 1.26%.
  • Italian BTP spread down 5.3bps at 93.5bps / Spanish spread down 3.5bps at 63bps
BulletMarketsFixed Income Bullets
BulletMarketsFixed Income Bullets

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.