EUROPEAN FIXED INCOME UPDATE: ten year offerings apparently not cheap enough
Analysis details (10:56)
Some restorative price action in bonds following the latest declines, and evidently a bit of dip buying when cycle lows were approached but not tested or breached. However, the overriding bearish trend remains intact given another tepid 10 year auction as Germany only really matched the prior cover via a bigger retention hot on the heels of a sloppy Treasury sale last night. Nonetheless, Bunds are peering back over 155.00 from a low of 154.51, Gilts are closer to 119.01 than 118.54 and the T-note is off worst levels within a 120-17/119-31 overnight band, albeit the curve a tad steeper still in the run up to US PPI and 30 year supply.
13 Apr 2022 - 10:56- Fixed IncomeResearch Sheet- Source: Newsquawk
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