Early tightening fades

摘要

Traders reported increased activity in the secondary market last week versus the previous one as bankers and investors returned to their desks after the Global ABS meeting. More BWICs were circulated, but with mixed feedback on their execution - which is not surprising given the volatility surrounding the Greek resolution. There was some optimism early in the week of a deal being reached, which led to Greek RMBS Grifonas being quoted over six points higher at 66.75, according to Deutsche Bank analysts. However, widening peripheral yields dragged Greek bonds, and Portuguese, wider too. A trader estimated on Friday that grifonas was around the 62/64 area.