Treasury yields fell sharply on Monday as risk aversion across markets caused investors to seek perceived havens and traders increased bets the Federal Reserve would not raise interest rates this week.
The sight of Credit Suisse’s AT1 bond holders having their $17 billion investment wiped out as part of the bank’s takeover by UBS was adding to the attraction of government paper. Markets are pricing in a 50.1% probability that the Fed will leave interest rates at a range of 4.50% to 4.75% after its meeting on March 22nd, according to the CME FedWatch tool.
Sovereigns were bought across the board, The German 10-year bund yield TMBMKDE-10Y fell 16.8 basis points to 1.943%, the lowest this year, while French peers TMBMKFR-10Y slipped 14.5 basis points to 2.550%.
Source: Loan Digest (loandigest.net)
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