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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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Free AccessNatWest: Buy BTPs For Retail Therapy
NatWest write “starting the year there didn’t seem many reasons to be positive about Italy. Recession risk, reliance on Russian gas and debt sustainability in a high-rate environment made the skew of risks on BTPs look unappealing.”
- “Six months on, the clouds have parted. Banking crises in the U.S. and on the alpine doorstep, ratings reviews, delays to NGEU funding have all been thrown at BTPs since. Nothing has stuck.”
- “We like BTPs. On the positive side of the balance we have economic recovery, positive seasonality and strong funding execution. On the other side, Italy has been shielded from QT so far but won’t be forever, and there is low-level concern about banks’ efforts to rebuild central bank liquidity for TLTRO-iii repayments in H2. But more than anything, the absence of clearer negatives remains a positive.”
- “In relative value, long 2-Year (and 30-Year) look an attractive way to be long defensively… Front end Italy may be cheap due to concern about TLTRO-iii effects, which we don’t share. Short the middle on BTPs 2s10s30s looks attractive as a way to be short, for those who disagree with our more positive assessment.”
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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.