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Rates volatility is dampening sentiment, with higher Bund yields causing a compression in their spread to swaps, effectively making rates products more expensive to core European government bonds.
The EU's deals may perform further, but not for long, believe traders
Bears at the wheel amid hopes supra will come 'super cheap'
Covered bonds, SSAs widen on concerns about rates and Italy's budget deficit
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Second tier SSA issuers and covered bonds at the short end of the curve are a ‘screaming buy’ compared govvies, say traders -
Liquidity in the interdealer market for SSA bonds dried up this week, underscoring a palpable sense of risk aversion illustrated by a widening in the Bund-swap spread to levels not seen for a decade.
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Relative value and central bank bond buying may be supporting supranational and covered bond spreads, but traders have questioned the ambiguous inflation and rates outlook, while agency bonds appear to be on shakier ground
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SSA and covered bond spreads are firm despite recent rates volatility, even as traders begin to reduce their balance sheets ahead of year end
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Rates and SSA markets have stabilised with the curve steepening once more but key events are keeping traders on tenterhooks, though covered bonds are well supported
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Spreads in rates markets to hold up but rising inflation and interest rate outlook a big concern for traders
