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Free AccessThursday afternoon's sell off in the....>
EGB SUMMARY: Thursday afternoon's sell off in the Treasury market led the Bund
contract 43 ticks lower at the open. The 30Y Treasury yield breached the 3%
level and MBS convexity-related hedging is around, although clearly with a much
lighter touch that pre-QE days.
- Within Europe, some of the fantastic outperformance of the 30Y tenor is being
handed back this morning. the 10Y Bund yield is 1.1bp higher at 0.733% but the
highest since August, 2015 but the 30Y yield is 2.3bp higher today.
- One theme that hasn't changed is the outperformance of the periphery. 10Y
spreads to Germany are only 0.5-1.0bp tighter today but the stronger growth in
Europe is diminishing credit concerns and Greece may even sell 7Y debt next
week.
- Implied volatility is also rising rapidly again. This morning, Bund RXH8
implied hit 5%. For most of December and January, this has struggled to get
above 4%.
- Italian CPI data is due at 1000GMT, at the same time as Eurozone PPI numbers.
However, it is the US employment report that everybody is waiting for.
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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.