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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.
BTP
The very tail end of ’23 and first few days of ’24 saw BTPs under some pressure on issuance worry and markets paring ECB policy rate path pricing back from dovish extremes, amid a broader unwind of part of the late ’23 bond rally.
- Still, the move was relatively contained with the 10-Year BTP/Bund spread finishing last week just below 170bp.
- Take up/demand at yesterday’s dual BTP syndication (demand of ~EUR165bn against EUR15bn of issuance) and the passage of related hedging flow has allowed the spread to re-tighten, trading back at ~162bp last, moving back toward last year’s tights (~156bp in closing terms).
Fig. 1: 10-Year BTP/Bund Spread (%)
Source: MNI - Market News/Bloomberg
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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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