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JGB TECHS

(M2) Correction Extends

US STOCKS

Late Session Rebound

AUSSIE 10-YEAR TECHS

(M2) Corrective Cycle Remains In Play

AUSSIE 3-YEAR TECHS

(M2) Gains Still Considered Corrective

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BONDS

BTP weakness was the standout in Wednesday's European trade, with the Italian curve bear steepening and spreads widening.

  • The German and UK curves likewise bear steepened, with safe havens on retreat ahead of the Federal Reserve decision and as equities bounced.
  • The 10Y BTP/Bund spread closed above 140bp for the first time since Sept 2020 as the Italian presidential voting impasse continued (MNI published a sourced exclusive on the election, including on Draghi's future)
  • Finland's 20Y syndication saw lukewarm demand (books >E16bln on E3bln size).
  • Attention after hours firmly on the Fed.

Closing levels:

  • Germany: The 2-Yr yield is up 0.4bps at -0.645%, 5-Yr is up 0.6bps at -0.353%, 10-Yr is up 0.6bps at -0.074%, and 30-Yr is up 1.1bps at 0.246%.
  • UK: The 2-Yr yield is up 2bps at 0.916%, 5-Yr is up 2.6bps at 1.022%, 10-Yr is up 3.4bps at 1.198%, and 30-Yr is up 4.8bps at 1.332%.
  • Italy / German 10-Yr spread 3.3bps wider at 140.2bps
MNI London Bureau | +44 203-865-3807 | tim.cooper@marketnews.com
MNI London Bureau | +44 203-865-3807 | tim.cooper@marketnews.com

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