New research from Danske Bank Markets
Tap auction in SGBi3108, SEK1bn. We expect demand to be good as interest rates have declined across the board and the 10y BEI rate is off some 12bp from recent highs, trading at attractive levels.
An hour and a half before the auction September CPI data will be released. In last week's Reading The Markets Sweden we discussed the data and the uncertainties associated with clothing prices in September. We have included that discussion in this report too for those who missed it.
Swedish BEI rates have 'suffered' more than European ones over the past few weeks and the 10y BEI rate is now some 10bp below the German peer despite a different inflation outlook in Sweden than in the eurozone. Inflation is gradually and slowly moving higher in Sweden, whereas we expect the European inflation rate to grind lower or at least move sideways. This signals a good opportunity to buy Swedish linkers. Hence, we expect the auction to be well received.
To Read the Entire Report Please Click on the pdf File Below.
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Tap Auction In SGBi3108
Published 10/10/2013, 02:46 AM
Updated 05/14/2017, 06:45 AM
Tap Auction In SGBi3108
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