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MS See Higher Than Avg Dec European Extension, But Below Wider Norms

MONTH-END EXTENSIONS

Ahead of month-end, for the broad European government bond index, Morgan Stanley expect an “extension of 0.042y, higher than an average December extension (0.03y) but lower than an average monthly extension (0.079y).”

  • They note that “a total of about €20 billion of issuance will affect the extension and about €54 billion worth of market value of bonds will fall out of the index.”
  • They see “the largest extension of 0.045y in the 1-5y sector and, country-wise, expect Germany to extend the most at 0.056y, followed by Italy at 0.041y.”
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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