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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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- Main/XO are sitting -1.8bp/-7.6bp, outperforming equities which are broadly flat, as iTraxx continues to reverse the widening seen at the start of the year with YTD moves back down to +2.5bp/+16bp. iTraxx SR/Sub Fins are both outperforming at -2.1bp/-3.9bp.
- €IG/€HY are indicating +0.4bp/-4bp despite another day of heavy supply with Cons Disc and Healthcare outperforming slightly in €IG and Energy outperforming in €HY. Swap spread moves imply cash bonds may have tightened further versus cash govies.
- EGBs are trading marginally richer with 10y bunds -3bp but the short-end largely flat after the de Guindos speech did not prompt meaningful market moves (nor did Villeroy’s comments last night). BTP spreads have tightened 1-3bps having passed yesterday’s syndication pressure.
- SXXP is trading flat on the day with growth stocks and mid-caps slightly underperforming at -0.3%. VSTOXX is slightly lower at 13.3 (-2.1 WoW). The IR-sensitive Real Estate sector is the notable performer today at +1% though OIS-pricing of 2021 cuts is broadly flat at 141bps - we note Vonovia as the strongest performer at +2.35% after they yesterday announced a mandate for a maiden GBP bond (12y), a clear sign of movement towards diversifying their funding strategy and potentially limiting the need for asset sales.
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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.