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Quotes from UniCredit Research:
- Bund yields are up 2bp at the 5Y. A similar move was registered by USTs and Gilts. The extra ling end was a bit more supported. The rest of EMU core and swap rates rose was little changed (up 1bp at most). Excess liquidity dropped to EUR 93bn, the 1W OIS rose to 0.27%.
- Periphery curves came under moderate pressure (Italian 10Y yields were up 4/5bp, Spanish yields 3/4bp, 10Y GGBs were up 8bp).
- Spain registered a record low auction yield at today's 10Y bond auction. The Tesoro sold a total of EUR 5.5bn (2017, 2019, 2024 maturities) and has now completed 43% of planned mid-long term bond supply for 2014. Italy sold EUR 3.5bn of a new 2Y ZC and EUR 1.5bn of linkers, cover ratios were strong.
