Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
Reporting on key macro data at the time of release.
Real-time insight on key fixed income and fx markets.
- Emerging MarketsEmerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
- MNI ResearchMNI Research
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
- About Us
Sign up now for free access to this content.
Please enter your details below and select your areas of interest.
Core fixed income has moved higher this morning, reversing some of its losses yesterday. Treasuries are slightly outperforming gilts and Bunds.
- Focus this morning has been on the inaugural NGEU transaction with books of over E107bln when the final spread was set. We continue to look for a transaction size of E10-12bln but note that three is a legal limit of E20bln to syndication sizes.
- Looking further ahead we note that there will be focus on US PPI ahead of tomorrow's FOMC meeting. The Bloomberg median looks for 0.5% M/M, but the mode looks for 0.6%.
- TY1 futures are up 0-4 today at 132-20+ with 10y UST yields down -1.3bp at 1.483% and 2y yields down -0.1bp at 0.158%.
- Bund futures are up 0.13 today at 172.77 with 10y Bund yields down -1.0bp at -0.262% and Schatz yields down -0.3bp at -0.681%.
- Gilt futures are up 0.03 today at 127.95 with 10y yields down -1.0bp at 0.730% and 2y yields down -0.2bp at 0.065%.