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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.
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Free AccessTuesday was a bad day for bonds.........>
EGB SUMMARY: Tuesday was a bad day for bonds. Initially, hawkish comments from
Benoit Coeure when he spoke of "a reasonable chance that bond buying would not
be extended" and sent the 10Y Bund yield up 3bp to 0.46% and German debt was
underperforming all markets except Ireland.
- Weak Gilts also acted as a drag on core EGBs.
- Around the middle of the European morning, Italian debt came in for a period
of heavy selling and the Bund-BTP spread leapt from 155bp to 162bp. No news
accompanied the move but some futures flows were seen.
- EGB markets calmed once the US opened. However, the Treasury market suffered a
similar experience to the Bund and quickly ran into a flow related move lower in
price. Bunds made a half-hearted attempt to follow the Treasury market lower.
- Ireland announced a much-anticipated May-28 syndicated deal in the afternoon,
although there was a conspicuous lack of primary issuance for the start of the
year.
- Going into the close: Schatz +1.3bp at -0.614%, Bund 10Y +2.7bp at 0.455%.
Bund-BTP was +4.4bp at 163.3bp.
To read the full story
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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.