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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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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessIt has been a disastrous day for the....>
EGB SUMMARY: It has been a disastrous day for the ECB in terms of the market's
response to its decision. The ECB left interest rates on hold while announcing
new TLTROs with an interest rate floor tied to 25bp below the deposit rate (25bp
lower than previously). An extra E120bln of QE was also announced to be
completed by the end of the year. These decisions underwhelmed the market and
peripheral bonds in particular sold off. However, the biggest moves came during
the press conference after Lagarde said that the ECB's role was not to close
spreads in sovereign debt markets.
- BTPs saw their biggest move in basis points ever today, at one point up over
65bp on the day with spreads to Bunds hitting a high of 267bp. Although there
was some retracement later, spreads remain over 60bp wider on the day at the
time of writing. Less extreme but similar moves have been seen in other
peripherals and semi-core EGBs.
- Bund futures are down -0.35 today at 176.42 with 10y Bund yields up 1.1bp at
-0.734% and Schatz yields up 0.9bp at -0.955%. BTP futures are down -6.65 today
at 138.27 with 10y yields up 57.3bp at 1.746% and 2y yields up 53.3bp at 0.751%.
To read the full story
Sign up now for free trial access to this content.
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.