交易新闻
24 Apr 2015
Euro bond keeps outperforming – Danske Bank
FXStreet (Edinburgh) - Chief Analyst at Danske Bank Allan von Mehren reviewed the recent performance of the core and peripheral debt markets in the euro area.
Key Quotes
“The core steepening continued in yesterday’s session with 30Y Germany now approaching 60bp”.
“Although it could be tempting to call the end of the core rally, we are a bit cautious”.
“Next week more than EUR60bn will be returned to investors in coupon and redemptions and the high month-end index extension flow should support the govie market”.
“The peripheral underperformance has reversed with Portugal being the top performer in yesterday’s session rallying 6bp in the 15Y after a strong EUR4bn switch auction”.
“The periphery is also in focus tonight where Fitch has both Italy and Spain up for potential review. Both are rated BBB+ (stable) by Fitch, which is at least one notch higher than the ratings from Moody’s and S&P”.
“While better macro data should increase the odds for a ‘positive’ outlook on Spain, the short-term risk of a Greek incident is probably countering this and we expect that we will have to wait until later in the year for upgrades”.
Key Quotes
“The core steepening continued in yesterday’s session with 30Y Germany now approaching 60bp”.
“Although it could be tempting to call the end of the core rally, we are a bit cautious”.
“Next week more than EUR60bn will be returned to investors in coupon and redemptions and the high month-end index extension flow should support the govie market”.
“The peripheral underperformance has reversed with Portugal being the top performer in yesterday’s session rallying 6bp in the 15Y after a strong EUR4bn switch auction”.
“The periphery is also in focus tonight where Fitch has both Italy and Spain up for potential review. Both are rated BBB+ (stable) by Fitch, which is at least one notch higher than the ratings from Moody’s and S&P”.
“While better macro data should increase the odds for a ‘positive’ outlook on Spain, the short-term risk of a Greek incident is probably countering this and we expect that we will have to wait until later in the year for upgrades”.