Good morning … Welp, they LIKED 10yy as much as they disliked 3yy, ZH: Record Demand For Blockbuster 10Y Auction Sends Yields Tumbling … While the bid to cover was also a big improvement, coming in at 2.66, up from 2.53 in January and the highest since Feb 22, it was the internals there were truly off the charts: after a series of already elevated Indirect awards in the past years, January's Inidrect takedown soared from 67.0% to 79.5%, which was the highest on record!
,while thinking (~20230213) about the narrative trying to explain the "bear market rally" since October 2022 as a consequence of four big central banks supplying liquidity to the Markets. Following the link on the CMDI FAQ page about CISS leads to a warren of rabbit holes ... the point being the recent OECD CB squirt of liquidity would appear to line up with IG Big-Corporate bond market stress arc increasing and now subsiding on the chart.... Out of time as I must tend my own garden, so I'll just post some links for CISS spelunking for the plethora of readers who might be as unawares as I was and probably still am.
db's r* bit was interesting.... anyway, I came across this link attempting to measure bond stress I haven't seen in these here parts before,
https://www.newyorkfed.org/research/policy/cmdi#/interactive
,while thinking (~20230213) about the narrative trying to explain the "bear market rally" since October 2022 as a consequence of four big central banks supplying liquidity to the Markets. Following the link on the CMDI FAQ page about CISS leads to a warren of rabbit holes ... the point being the recent OECD CB squirt of liquidity would appear to line up with IG Big-Corporate bond market stress arc increasing and now subsiding on the chart.... Out of time as I must tend my own garden, so I'll just post some links for CISS spelunking for the plethora of readers who might be as unawares as I was and probably still am.
First, an example for German 10y:
https://sdw.ecb.europa.eu/quickview.do;jsessionid=DD2F4FE6CF67BDABC4FF1E12056CE251?SERIES_KEY=290.CISS.D.U2.Z0Z.4F.EC.SS_BM.CON
Second, for the total EU chartgasmic experience:
https://sdw.ecb.europa.eu/browseExplanation.do?node=9689686
...