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The European bond market inherited a....>

EGB SUMMARY
EGB SUMMARY: The European bond market inherited a bad position for the day with
a fairly hawkish Yellen speech and Trump's tax plan coming. Thereafter, the
morning was guided by some exceptionally large block trades that triggered
stop-losses and created a momentum that nobody wanted to face.
- It was the 8k Bund vs 19k Obl curve steepener block that appeared to attract
most of the attention.
- In the European afternoon, EGBs struggled through some Treasury market selling
without taking much more in the way of losses. 
- Going into the close, the 10Y Bund yield was nearly 6.5bp higher to 0.472% and
the Bobl up 4bp. All the core and semi-core markets followed the Germany curve
but the peripheral markets showed extreme restraint in the downward move of
Germany. The Bund-BTP spread tightened by 3bp to 168.5bp.
- There was much talk about a Schaublexit from the German Finance Ministry,
following on from yesterday -- this being a key post within European politics.
- France's AFT announced a 2018 medium-/long term funding requirement of E195bln
(net of buy-backs) a E10bln increase relative to 2017.
MarketsFixed Income Bullets
MarketsFixed Income Bullets

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