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Free AccessEGBs Under Early Pressure Amid Supply, Firm Equities
- Core EGBs traded under pressure from the open, with bond supply from Germany and the UK weighing on prices as well as the late rally in US equities Monday, which put the e-mini S&P above 4,300 for the first time since late April.
- The UK DMO sold GBP 2.75bln in 2029 Gilts this morning, with the auction producing a modest tail of 0.5bps. Decent demand was noted, bumping the bid/cover up to 2.65x from 2.48x at the previous sale. Germany aim to allot EUR 4bln in 5y bonds imminently.
- Core/Peripheral yield spreads trade wider, with the Italian/German 10y spread wider by close to 5bps on further signs of a deteriorating economy on the continent: The German ZEW survey fell below forecast, with the expectations component dropping to its lowest level since the Global Financial Crisis.
Latest levels:
- Germany: The 2-Yr yield is up 2.3bps at 0.553%, 5-Yr is up 2.9bps at 0.707%, 10-Yr is up 2.7bps at 0.927%, and 30-Yr is up 2.8bps at 1.183%.
- UK: The 2-Yr yield is up 5.5bps at 2.087%, 5-Yr is up 3.9bps at 1.894%, 10-Yr is up 4bps at 2.057%, and 30-Yr is up 4.9bps at 2.484%.
- Italy / German 10-Yr spread 4.5bps wider at 212bps
To read the full story
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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.