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SAGBs Trim Friday's Gains as Covid Cases Surge in China

  • SAGBs open softer this morning with 10-30Y yields up +6.4-6.8bp in early trading on the back of a sharp downturn in Chinese equities this morning as covid cases surge and authorities lock down Shenzhen – adding to growth risks.
  • This trims some of the -16-18.4bp of gains from Friday’s session which closed out a choppy week.
  • W/w the SAGB curve ended lower across the breadth and -19-29bp bull flatter in 10-30Y tenors. The 30Y proved most resilient, retracing beyond the 50% Fib of the 17 Feb – 8 March range, while the 10Y stopped short of the 50% mark.

SAGB Curve w/w

MNI London Bureau | +44 020-3983-7894 |
MNI London Bureau | +44 020-3983-7894 |

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