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SAGBs Trim Yesterday's Losses, But Risks Remain

  • SAGBs open firmer this morning, trimming selling pressure from yesterday’s broadly risk-off session.
  • Sentiment from APAC has improved this morning as markets acclimate to Russia’s invasion of Ukraine with 10-30Y yields -6.2-6.5bp lower in early trading, but still well off the +21-23bp rise noted in yesterday’s session.
  • Relative to other EM’s SAGBS held up relatively well, following an improved fiscal outlook emanating from Wednesday’s budget.
  • 10Y yields stalled at the 38.2% fib of the Nov 26-16 Feb range at 9.84, while the 30Y held just shy of the 50% level at 10.657.

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

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