After the breakout in the TED with the european downgrades, we traded sideways how we like it before another breakout to the upside as the Shatz has reached a ceiling Yield wise. The majority of the bond moves are now on the long end as you would expect and as a result the curve has been flattening rapidly. Euribor spreads are flattening at an alarming rate too with dec12dec13 spread falling 10 fat ticks since yesterday morning. Although this was expected, it didn't do it straight away which gave us the false illusion that there wasn't much downside to go until the US markets opened and down hard it went.
For more TED spread commentary watch below:
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