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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.
EGBS
Swap spread narrowing stands out in an otherwise quiet start to the week so far for EGBs.
- Schatz spreads are down 2.1bp to 72.4bp this morning, the lowest since July, down 12bp on the week and well below the 121bp peak close. Bund ASW is down marginally but touched the narrowest level since March.
- Friday's higher-than-expected TLTRO repayments are one factor applying downside pressure on spreads.
- Another being cited is a Spiegel report at the end of last week adding further confirmation that the German 2023 fiscal deficit would be higher than previously planned (in line, as Commerzbank points out, with nat'l budget legislation) - suggesting more German debt and therefore more high-quality collateral coming into circulation.
Bund ASW, bpSource: BBG
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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