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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.
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EGBs-GILTS CASH CLOSE: Tough Day For The Belly
Bunds and Gilts found a bit of a footing toward the end of Thursday's session, but make no mistake that it was a very tough day across the curves. BTP spreads widened too, with French 10-Yr yields going positive for the first time since June 2020.
- While the main theme globally was belly/10-Yr weakness, perhaps notable was the relatively stronger performance in 30-Yr Gilts - the UK curve bear flattened as BoE cuts were priced out.
- Italy saw lowest cover ratio for a 5-yr BTP since June 2020 (though this was somewhat expected due to large size); Tesoro released Green Bond framework.
- Bunds briefly ticked higher on comments by ECB's Lane reiterating the bank watching yields closely. But mixed confidence data this morning largely shrugged off.
- Friday sees some prelim inflation data and a few cenbank speakers (Schnabel, Haldane).
Closing yields/10-Yr Spreads to Bunds:
- Germany: The 2-Yr yield is up 3bps at -0.652%, 5-Yr is up 6.5bps at -0.545%, 10-Yr is up 7.2bps at -0.232%, and 30-Yr is up 3.5bps at 0.244%.
- UK: The 2-Yr yield is up 7.5bps at 0.107%, 5-Yr is up 8.8bps at 0.366%, 10-Yr is up 5.2bps at 0.784%, and 30-Yr is up 1.2bps at 1.389%.
- Italian BTP spread up 4bps at 103.1bps / Spanish spread up 1.3bps at 70.8bps
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Why MNI
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