2014.04.1613:45:00UTC+00Eu Rates Review

Quotes from UniCredit Research:

- FI assets had a fairly quiet session, with relatively low pressure on top rated bonds given such a strong equity performance. Bunds and UST yields are fairly unchanged; the UK curve was under pressure (2Y and 5Y up 4bp) after the good data on employment.

- Italian yields were fairly stable (the 10Y is at 3.09%), Spanish yields were down 2.5bp at the 10Y. Portugal was the best performer (10Y yields down 12bp) and some appetite was also seen for Greek bonds (10Y down 5bp).

- Demand for the BTP-I slowed down in the last day reserved for retail demand, orders are now at a bit more than EUR 10bn. Tomorrow, the sale will continue for institutional investors.

- Demand for the 10Y Bund was ok (EUR 4.5bn vs. EUR 4bn on offer). The auction yield was 1.49%.