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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 AccessThe day started on a bearish footing....>
EGB SUMMARY: The day started on a bearish footing for the debt markets. The
initial impetus was a very weak UST market that had wakened up to the horrible
reality that the Treasury was to issue a mammoth $258bln. The other factor
dragging down EGBs was the prospect of a new 2018 Spanish syndicated deal.
- As it turned out, the Spanish deal encountered an enormous demand. The order
book reached E25.8bln and this demand lessened the pressure on all debt. Spain
ultimately priced E6bln of the deal.
- The 2Y Schatz auction was no so successful in the morning, with the new bond's
auction being technically uncovered.
- During the afternoon, EGBs put in a very strong showing and German 10Y debt
outperformed semi-core and peripheral markets. MNI Pi (positioning indicator)
has identified a sizeable fast money short in Schatz, Bobl and Bunds and with
the roll approaching this may be the catalyst for German outperformance.
- The EGB curve steepened on Tuesday, although only marginally. The 10Y Bund
yield was down 0.6bp at 0.729% and Bund-BTP/PGB/Bonos 10Y spreads each widened
by around 2.5bp.
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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.