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With all the neck-snapping price action...>

EGB FLOWS
EGB FLOWS: With all the neck-snapping price action of recent days, Wednesday has
acted as a mostly sideways-moving snoozer. Only some activity in the periphery
has created interest.
- European equity markets are showing gains of around 0.5-0.8% this morning but
more importantly, the market has been fairly stable all day. 
- The CDU/CSU and SPD have agreed a Grand Coalition agreement. Importantly for
the periphery, the SPD have been given the all-important Finance Ministry.
Peripheral debt markets rallied strongly immediately after the news as hopes of
further European integration remained intact.
- The Bund-BTP 10Y spread collapsed 5.6bp today to its lowest since 2016 at
124bp, helped by a block trade at around the same time as the coalition
agreement news broke. Portuguese debt did even better.
- Germany successfully sold E3bln of 10Y debt and the E3bln EFSF 10Y syndicated
deal met with a E14bln+ order book.
- Currently 2Y Schatz and 10Y Bund yields are unchanged at -0.565% and 0.577%
respectively.
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