EUROPEAN FIXED INCOME UPDATE: bonds succumb to supply-side pressure
Analysis details (10:51)
Given the magnitude of concessions made (or incidentally inherent) ahead of latest German and UK auctions, covers were relatively light and the retention at the former sale comparatively large, so it’s little surprise that Bunds just slipped to a fresh intraday low on Eurex at 135.64 for an 81 tick loss on the day having been 9 ticks above par at one stage, while Gilts remain 100+ ticks adrift within extremes spanning 90.90-92.81 vs yesterday’s 92.83 Liffe close. Elsewhere, US Treasuries are holding steady before PPI data, 10 year note supply, FOMC minutes and further Fed rhetoric.
12 Oct 2022 - 10:51- Fixed IncomeData- Source: Newsquawk
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