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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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Free AccessJ.P.Morgan: Election Outcome Constructive For BTPs
J.P.Morgan note that “the election outcome is a constructive one for BTPs and we continue to expect the 10-Year Italy-Germany spread to open around 10-15bp tighter on Monday from Friday’s close of around 140bp. Under this constructive outcome, we expect intra-EMU spreads to range trade over the coming months with Friday’s closing levels close to the upper-end of our expected trading ranges. The weakening of the ECB policy safety in 2022 will increase the sensitivity of intra-EMU spreads to political, macro, supply and external shocks which will likely be the catalysts for movements within the expected trading ranges, warranting a cautious and tactical approach.”
- “On the Italian credit curve, we expect gradual flattening of the 10s/30s and 30s/50s curves. We have also been recommending longs in 4-Year CCTeu vs. BTP ASW on attractive valuations which should also benefit from reduced political uncertainty going forward. Also, we see a decent chance of Italy launching a new 15-Year BTP benchmark syndicate this week.”
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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.