MTS Markets

We are pleased to partner with AFME (Association for Financial Markets in Europe) for the 19th Annual European Government Bond Conference taking place on the 13 November 2024. Register now: https://bit.ly/4dGT2Jh #GOVBOND2024 #governmentbonds

We're thrilled to promote the launch of the newly redesigned MTS website! 🎉   The new site is packed with features to enhance your experience, including:   📱 **Mobile-Friendly Live Data**: Stay updated on the go with real-time information right at your fingertips from the European Bond Yields and Spreads table   📅 **Issuance Calendar**: Never miss an important date again! The easy-to-use calendar keeps you informed about upcoming issuances and syndications   🔍 **Streamlined Navigation**: Finding what you need has never been easier. Enjoy a user-friendly interface that makes your visit smooth and efficient   We invite you to explore the new MTS website and discover how these features can benefit you.   Check it out: https://lnkd.in/dAvTvxV   #MTS #WebsiteLaunch #FixedIncome #MarketData #Bonds

💡 Follow MTS for weekly insights into the EU & US #bond markets 💡 Read the market analysis below for the week closing Friday October 18th 📈 ➡ ▪ After weeks of bond selloffs driven by an improving U.S. economic outlook, U.S. Treasuries began to regain ground following the Columbus Day holiday, partly due to technical reasons. Last week, the yield on the U.S. 10-year benchmark, which had risen to 4.10% the previous week, fell below 4.0% on Wednesday. Positive economic data, such as a 0.4% month-on-month increase in retail sales and a drop in Initial Jobless Claims, supported this recovery. ▪ While good for the U.S. economy, these developments may complicate matters for the Federal Reserve, which has initiated a path of monetary easing. The Fed will meet in about three weeks, following the release of payroll data (Nov. 1) and the U.S. presidential election (Nov. 5). ▪ In the Eurozone, bond markets mirrored the U.S., with the Bund yield falling after nearing 2.30%. Interestingly, the Bund did not receive significant support from the ECB last Thursday, but instead followed the U.S. Treasuries’ recovery. ▪ The ECB’s decision to cut its deposit rate to 3.25% has been widely expected in the last few weeks given the weakening Eurozone economy. ECB President Christine Lagarde's dovish tone emphasised structural disinflation and growing concerns about the real economy, particularly in Germany, while noting that recession fears remain low. Potential external shocks, such as tensions in the Middle East and rising global tariffs, are also contributing factors. The Bund hit a weekly high of 2.20% on Thursday before closing at 2.18%. ▪ Peripheral bonds performed well, with Portugal and Spain’s yields remaining below those of France. The French OAT rose to 2.91%, following Fitch's recent negative outlook and ahead of Moody's upcoming review. Italy's BTP also saw positive movement, tightening its spread with the Bund to below 120bp, marking the lowest level in three years and closing at 3.36%.

💡 Follow MTS for weekly insights into the EU & US #bond markets 💡 Read the market analysis below for the week closing Friday October 11th 📈 ➡ ▪ The US market exerted a strong influence on the Eurozone last week, reflecting the distinct trends in the US economy as highlighted by recent macroeconomic data. While central banks on both sides of the Atlantic began normalising monetary policy last month following a period of extraordinarily high rates, the latest data seem to confirm the ‘soft landing’ narrative: the labour market appears to be recovering well, as indicated by data from two weeks ago. At the same time, inflationary pressures persist, as shown by this week’s figures. ▪ The Consumer Price Index exceeded expectations by one decimal, rising by 0.2% on a monthly basis and 2.4% year on year. Producer prices also surprised on the downside, increasing by 1.8% year on year. ▪ Minutes from the Federal Reserve’s last meeting, released on Wednesday, revealed that a large majority of the board supported cutting rates by at least half a percentage point. ▪ However, US Treasury yields climbed above 4% during the week, reaching 4.10%—the highest level since last July. With several weeks remaining before the next FOMC meeting, as no meeting is scheduled for October 2024, the market is adjusting its pricing, factoring in expectations of a more moderate intervention by the central bank in the final two months of the year. ▪ Additionally, while US Treasuries are typically considered a ‘safe haven’ during global turmoil, geopolitical factors are not currently providing much support for fixed income. Tensions in the Middle East are affecting commodities like oil, with supply directly impacted by unrest in the region, while the bond market is still evaluating the potential involvement of Iran after escalations in Lebanon. ▪ The German Bund followed a similar trend of rising yields, pushing the 10-year benchmark to around 2.30% on Friday—the highest level since early September. However, this took place in a substantially different macroeconomic environment. On Monday, German industrial orders fell by 5.8%, underlining the challenging situation for the Eurozone's largest economy. This was further confirmed by the German economy ministry, which revised its growth forecast for 2024 downwards just a few days later. ▪ One week ahead of the ECB meeting, where a new rate cut may be announced, the 10-year Bund tracked its US counterpart with an almost uniform rise in yields, despite some volatility, bringing the German benchmark to 2.30%, the highest since early September. Meanwhile, FITCH downgraded its credit outlook for France citing political instability: the 10-year benchmark OAT rose exceeding a 3% yield for the first time since the end of August.   ▪ In contrast, Italian BTPs performed well, narrowing the spread with the German Bund to below 130 basis points.

🚀 MTS at FILS Paris 2024 🚀 What an incredible 3 days at the Fixed Income Leaders Summit! Some key highlights: Day 1: Buyside Innovation Day We kicked off with a roundtable showcasing the BondVision Partnership, an exciting new growth initiative with BondVision Dealers. Evening: A fantastic networking event at The Peninsula Paris, connecting with buy-side and sell-side clients over champagne. Days 2 & 3: Our MTS stand was buzzing with activity as we engaged with the fixed income community. A special mention to Guido Galassi, who contributed to the Data Panel: “Our orderbook data is updated 40 million times a day.” 💡 Already looking forward to Amsterdam 2025! Angelo Proni, Nick Sollom, Giedre Drake, Paola Roca, Joe Theobald, Yannick Bernhardt, Mauro Pizzale, Stephanie Pope, Guido Galassi, Hesham Maatugh, Tom Harry, caterina mastrota, Oxana Yarkova-Valente #FILS #FixedIncome #FixedIncomeLeaders #MTS #Innovation

The BondVision Partnership is a new growth initiative from MTS, supported by the top ten BondVision dealers: Barclays, Bank of America, BNP Paribas, Citi, Crédit Agricole CIB, Deutsche Bank, J.P. Morgan, Morgan Stanley, Nomura, and UniCredit. This initiative is designed to further enhance BondVision, our dealer-to-client (D2C) platform for rates, credit, and repo, fostering greater competition and liquidity across the market. Watch the video to learn how the partnership is driving the next chapter of innovation in bond trading.    For more information, contact: mts.sales@euronext.com Click here to learn more about MTS BondVision: https://lnkd.in/eNbZcSj7 #MTS #Euronext #BondVision #FixedIncome #GrowthInitiative #TopDealers #Trading #Innovation

💡 Did you know? MTS BondVision has a new repo rates column.    You can... ▪See spot/next repo rates for every bond traded on MTS Repo ▪View specific bond and GC repo rates across the whole eurozone ▪Quickly identify "special" bonds that require care when shorting Don't miss out on the latest innovation shaping the European fixed income market.   For more information, contact: mts.sales@euronext.com   Click here to learn more about MTS BondVision: https://lnkd.in/eNbZcSj7

The MTS team are at the Fixed Income Leaders Summit in Paris.   Find us at stand no. 31 throughout the conference. Drop by this afternoon for a glass of champagne and meet the team. Guido Galassi, Head of Domestic Markets & Data will be taking part in the data panel at 13:10 in the Amphitheatre today 🎤 We hope to see you there. Angelo Proni, Nick Sollom, Giedre Drake, Paola Roca, Joe Theobald, Yannick Bernhardt, Mauro Pizzale, Stephanie Pope, Guido Galassi, Hesham Maatugh, Tom Harry, caterina mastrota, Oxana Yarkova-Valente   #FixedIncomeLeaders #FILSEU #FILS #FixedIncome #Bonds

💡 Follow MTS for weekly insights into the EU & US #bond markets 💡 Read the market analysis below for the week closing Friday September 27th 📈 ➡ ▪ Having been a few weeks since the ECB and Fed meetings, the markets are internalizing the start of a new period of decreasing rates. Yet, there is still the expectation of some volatility and periodic stop-and-go movements because inflation is still to be brought under control.   ▪ The evolution of the real economy is, in any case, an important factor for market makers to consider, due to its direct (via inflation) and indirect (unemployment) influence on central bank’s decisions.   ▪ For example, on Monday, the Eurozone PMIs highlighted a generally deteriorating situation, both at the country level and in aggregate data. Manufacturing PMI fell to 44.8, whilst Services PMI fell to 50.5. Although the latter still remains above the threshold between contraction and growth, both sectors of the economy are showing worsening conditions, with declines even steeper than expected. In the US, a similar outcome was seen on Monday afternoon, with both services and manufacturing sectors falling.   ▪ Economic confidence indexes confirm the pessimistic mood in the real economy. This is evident from Germany’s Ifo Business Climate Index, which dropped from 86.6 to 85.4, as well as from the US Conference Board’s Consumer Confidence Index, which fell below the 100 threshold to 98.7 on Tuesday.   ▪ Quarterly GDP data released on Thursday showed growth stuck at 3%. However, good news came on Friday from the headline PCE Price index (the key Fed inflation gauge) which showed a slight decline below expectations at 2.2%. Meanwhile, the core PCE Price index remained higher at 2.7%.   ▪ Analysing the performance of different benchmarks in the bond market, the US Treasuries, (after several ups and downs throughout the week), ended with yields increasing by just a few basis points, closing at 3.75%.   ▪ It was also a volatile week for the German Bund, particularly given the stronger gains after poor economic data, with the Bund closing at 2.14% - up about 5 basis points from the previous week.   ▪ Outside Germany, notable movements were seen in the French OAT, where political instability weighed on bond prices, pushing the 10-Year benchmark yield above that of Portugal (trading at 2.69%) and nearly reaching the same level as Spanish Bonos (2.92%).   ▪ Italian BTPs performed well, with the spread against the German Bund tightening to 130 basis points—a record since July—before widening slightly by a few basis points at the close.

🚀 The New MTS Website is Live! 🌐   We’re excited to announce the launch of our redesigned website: https://lnkd.in/dAvTvxV With a modern, mobile-friendly design powered by Euronext technology, it’s now easier than ever to access key features like live data, including the European Bond Yields and Spreads table, even when you're on the go.   Don't miss the new Issuance Calendar providing real-time updates on bond auctions and syndications. View it here: https://lnkd.in/e2Mm5ykX The site is also fully translated into Italian. 🌍   Explore the new site today! 👇   #MTS #WebsiteLaunch #FixedIncome #MarketData #Bonds