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Leaning bear steeper

US TSYS SUMMARY

A tight range for US treasuries during our European morning session.

  • Curve leans bear steeper, with the long end underperforming, following the good US stimulus signing.
  • EU-US Govies have decoupled, as EGBs extend gains as European Equities gives back some of their early gains.
  • Another potential reason is for some front running in Month/Year end in Europe, as liquidity will likely dissipate further going into tomorrow.
  • Extensions for Europe are ok size, while more everage for the US.
  • US-Germany 10yr spread trades 2.7bps wider on the day.
  • Due to the festive season, volumes have stayed on the lower end side.
  • Looking ahead, nothing of real note in terms of tier 1 data, and attention will turn to the 7yr $52bn auction later today.
  • 2y yields down -0.3bp today at 0.125%- 5y yields up 0.9bp today at 0.379%
  • 10y yields up 1.6bp today at 0.941%
  • 30y yields up 2.0bp today at 1.681%
  • 2s10s up 1.9bp today at 81.6bp
  • 10s30s up 0.5bp today at 74.1bp
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