EUROPEAN FIXED INCOME UPDATE: demand for debt continues to dwindle

EU cash bourses remain underwater as an obvious sign of bearish sentiment on heightened Russia-Ukraine angst, but bonds are gradually unwinding more of their safe-haven gains to trade at fresh intraday lows. Bunds just slipped to 166.25 and almost 100 ticks off their overnight Eurex high, while Gilts have whittled down to 122.77 from 132.25 for a 13 tick rise on the day and the 10 year T-note pared back to 126-23+ from 127-12+. News that talks have begun may have sparked further long liquidation, while month end positioning may be a factor along with more rolling from Mar22 into Jun22 contracts for UK and US debt.