EUROPEAN FIXED INCOME UPDATE: bonds in freefall after completing round trips
Analysis details (10:22)
It literally is a case of hero to zero for debt futures that were all the rage when banking fears were gripping markets early on Monday, as Bunds breach the ‘last’ remaining technical support level on the way to 136.62 and a massive 368 tick reversal from yesterday’s Eurex peak. Similarly, Gilts have been down to 104.65 compared to 107.33 at best on Monday and the T-note is hovering just above 114-19 vs 115-14+ at the overnight high and 116-24 yesterday. Not even a solid 2053 DMO sale offered Gilts much support, while Bunds will now be looking towards 2.25% in yield for some traction after 2027 Green supply and USTs still have Usd 12 bn 20 year issuance to make room for.
21 Mar 2023 - 10:22- Research Sheet- Source: Newsquawk
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