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The PowerShares DB German Bund Futures Exchange Traded Notes (BUNL) (collectively, the "PowerShares DB German Bund Futures ETNs," or the "ETNs") are the first exchange-traded products to provide investors with leveraged or unleveraged exposure to the U.S. dollar value of the returns of a German bond futures index.
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Tuesday, Jun 122012, 11:32 AM
Tuesday, Jun 122012, 10:27 AMIf you look at European stocks dropping and peripheral bond markets tumbling and think German yields are sinking anew, you'd be wrong. Ten-year Bunds are 10 bps higher to 1.4%, and even the 2-year Schatz - in negative territory last week - is yielding 8 bps. At some point the bill for all of these bailouts must land in Berlin, no? |Tuesday, Jun 122012, 10:27 AM| 1 Comment
Thursday, May 312012, 11:59 AM"Risk appetite is just completely gone out," says Citi's Gregg Anderson as the 10-year Treasury yield falls to a record 1.53%. Extreme levels are seemingly everywhere. Those who are long Treasurys, long Bunds, long Gilts, or short euros need to ask themselves how long they expect the central banks to sit on their hands. |Thursday, May 312012, 11:59 AM| 5 Comments
Thursday, May 312012, 11:35 AMThe German 2-year Schatz yield turns negative for the first time, now offering -0.01 basis points. How low can it go? Swiss 2-year paper at -0.22% is a start. The 10-year Bund continues to race to sub-1%, now yielding 1.21%. |Thursday, May 312012, 11:35 AM| Comment!
Tuesday, May 292012, 12:06 PMThe estimates for falling German yields continue to get taken down, Nomura positing they could go negative out to 5 years if the market begins to price in a break-up of the eurozone. Ten-year Bunds, says the bank, could challenge the 0.44% level hit by JGBs in 2003. "We hope that this scenario does not materialize." Current German yield curve. |Tuesday, May 292012, 12:06 PM| 1 Comment
Tuesday, May 292012, 9:42 AMOther hedge funds may be following John Paulson into (a so far unprofitable) shorting of German and other core EU sovereign debt. The play isn't necessarily Germany going the way of Spain, but that the solution to the crisis - some sort of shared liability of eurozone debts - will drive up borrowing costs that currently are challenging Japan's impossibly low rates. |Tuesday, May 292012, 9:42 AM| Comment!
Tuesday, May 292012, 7:47 AM
Wednesday, May 232012, 10:40 AMGerman bond yields continue to fall to astonishing lows, the 30-year off 11 bps to 1.99% - the first-ever time with a one handle (Japan's is 1.82%). The 10-year is off 9 bps to 1.38% (Japan 0.87%). The 2-year yields all of 5 basis points, towering over Japan at 11 bps. |Wednesday, May 232012, 10:40 AM| Comment!
Tuesday, May 222012, 10:26 AMGermany will tomorrow auction bonds with a zero coupon for the first time, underscoring its status as the ultimate safe haven despite the chaos that surrounds it. Germany plans to sell €5B ($6.41B) of two-year notes as investors seek merely "the return of capital rather than the return on capital." |Tuesday, May 222012, 10:26 AM| 5 Comments
Friday, May 182012, 12:55 PMThe yield on JGBs falls to 0.815%, the lowest level since 2003. Folks of a certain age will remember that summer and remember the seeming impossibility of that level. We're not only back, but the rest of the world is headed there too. German 10-year Bunds, 1.43%, U.S. 10-years, 1.71%. At the short end, Germany has gone even further, its 2-years yielding 0.05% vs. Japan at 0.10%. |Friday, May 182012, 12:55 PM| 4 Comments
Wednesday, May 162012, 9:41 AMGermany and France benefit from safe-haven status in bond sales, with Germany selling €4.11B ($5.2B) of 10-year bonds at an average yield of 1.47%, down from 1.77% and the lowest on record. France auctions €7B-€8B of four bonds maturing from 2014-2017, also with lower yields. It seems that M. Hollande isn't so scary after all. |Wednesday, May 162012, 9:41 AM| Comment!
Wednesday, May 22012, 8:14 AM
Tuesday, Apr 242012, 4:15 AM
Monday, Apr 232012, 7:19 AMHated Treasurys continue a big 1-month rally, the yield on the 10-year dropping 5 bps to 1.91%, the lowest yield since early February. The long bond also falls 5 bps to 3.07%. Bunds also see a flow of safe-haven money, the 10-year off 5 bps to a near-record low of 1.66%. The 2-year Schatz drops back to the ghostly level of 0.10%. |Monday, Apr 232012, 7:19 AM| Comment!
Monday, Apr 232012, 4:06 AM
Friday, Apr 202012, 7:14 AMTypically moving together, the IFO German Business Climate Index and the German ISM have diverged over the past months, with the ISM not confirming better confidence readings. IFO expectations for the next 6 months hinge right on the line between booming and downswing. (full IFO report) (earlier) |Friday, Apr 202012, 7:14 AM| Comment!