NORGES: RATES PROBABLY AT CURRENT LEVEL QUITE SOME TIME

RATES MAY NEED TO BE ON HOLD LONGER THAN ENVISIONED: NORGES

MNI: NORGES BANK LEAVES RATES UNCHANGED AT 4.50%

MNI WATCH: CNB Seen Cutting 50Bps to 5.25%, Signal Slower Pace

MNI China Daily Summary: Tuesday, April 30

MNI BRIEF: China To Keep Tackling Risks In Real Estate, Debts

Unemployment Below Consensus In March

MNI: US ISM APR SERVICES COMPOSITE INDEX 49.4

MNI: US APR FINAL SERVICES PMI 51.3 (FLASH 50.9); MAR 51.7

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: Flattening Theme Continues To End The Week

BONDS

The German and UK curves twist flattened Friday, continuing the recent flattening trend amid short-end/belly underperformance.

  • With the ECB (next week) and BoE decisions in sight, the 2y segments on both curves resumed their recent rise. BoE peak rate pricing rose by 4bp to end a mixed but mostly hawkish week.
  • An MNI Policy sources noted today, officials are converging on two more 25bp hikes, with a July increase probably following one certain for June.
  • German 2s10s (-54.4bp) reached the most inverted closing level since mid-March; the UK equivalent is the most inverted since late Feb (-30.9bp).
  • After hours we get a Fitch ratings review on Greece; GGB spreads tightened marginally having already outperformed Thursday. BTPs outperformed as BTP Valore sales closed with over E18bln in sales.
  • Next week's calendar is very busy, with the ECB highlighting the European docket (and heavy EGB supply besides), but attention also on US inflation data and the Federal Reserve meeting, as well as the Bank of Japan decision.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany:

  • Germany: The 2-Yr yield is up 2.2bps at 2.916%, 5-Yr is up 0.2bps at 2.422%, 10-Yr is down 2.5bps at 2.377%, and 30-Yr is down 4.6bps at 2.516%.
  • UK: The 2-Yr yield is up 4.1bps at 4.541%, 5-Yr is up 3.8bps at 4.25%, 10-Yr is up 0.6bps at 4.239%, and 30-Yr is down 0.6bps at 4.482%.
  • Italian BTP spread down 4.7bps at 173.7bps/ Greek down 0.3bps at 128.6bps
BulletMarketsFixed Income BulletsHomepage
BulletMarketsFixed Income BulletsHomepage

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.