Free Trial

EGBs have generally drifted higher......>

EGB SUMMARY
EGB SUMMARY: EGBs have generally drifted higher early Thursday in the return
from Wednesday holidays, with periphery spreads narrowing.
- Bunds have come off early lows, grinding higher most of Thursday morning.
- Final April PMI data cross the Eurozone was solid (with the exception of
Germany), with Italy, Spain, and France numbers boosting risk appetite though
reaction has been limited overall.
- Semi-core performing well; France/Germany 10-Yr spread down 0.4bps, with
decent auction results earlier on 10-/15-/20-yr OATs (10-Yr 3.1x covered vs 2.1x
last auction).
- The spread of 10-Yr Italian BTPs vs Bunds is down 2bps at 252.1bps; Greece
2.8bps tighter, Spain in 1.6bps, Portugal down 1.2bps.
- Euribor strip almost completely flat, some Blues/Golds up 0.5-1.0 ticks.
- Latest futures prices:
* Jun Bund futures (RX) up 4 ticks at 165.35 (L: 164.97 / H: 165.36)
* Jun BTP futures (IK) up 39 ticks at 130.85 (L: 130.16 / H: 130.89)
* Jun OAT futures (OA) up 7 ticks at 162.07 (L: 161.64 / H: 162.10)

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.