BUNT: PowerShares DB 3x German Bund Futures ETN Instablogs

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Monday, May 20, 6:03 AM A report out of Italy showing industrial orders rose 1.6% in March (handily beating estimates and reversing a 2.5% decline in February) helped push the spread between 10-year German bunds (BUND) and comparable Italian government debt (ITLY) to its narrowest level (250bps) since January at one point on Monday, as investors pared safe haven bets. Meanwhile, yields on Slovenian 10-year bonds fell slightly early on, defying Fitch's downgrade. Of course, the ratings agency is still "far behind the market's assessment of Slovenia's creditworthiness," one economist says, adding that as long as S&P maintains its A- rating, Slovenian banks can still pledge their government bonds as collateral in ECB liquidity ops. Comment! [Global & FX]
Friday, May 3, 5:28 AM Yields on eurozone sovereign debt fall across the board in the wake of the ECB's rate cut as investors react to Mario Draghi's perceived willingness to cut the deposit rate below zero, something policymaker Ewald Nowotny dismissed as not a near-term option. Yields on French, Austrian, and Belgian bonds hit record lows as spreads against safe haven German bunds (BUND) compress in Italy and Spain. Comment! [Global & FX]
Wednesday, April 17, 8:56 AM Following a nearly 3-week period in which DB halted creations for 26 ETNs on which it's the indexer, the bank finally resumed creations on the notes yesterday. The affected notes follow: BDD, BDG, BOM, BOS, BUNL, BUNT, DEFL, DGP, DGZ, DOD, DTO, DZZ, INFL, ITLT, ITLY, JGBD, JGBL, JGBS, JGBT, LBND, OLO, SBND, SZO, UDNT, UUPT, WMW. 1 Comment
Thursday, March 21, 4:41 AM Flash German manufacturing PMI unexpectedly drops to 48.9 from 50.3 in February; manufacturing output 49.8 vs 50.7; services 51.6 vs 54.7, composite output 51 vs 53.3. The loss of output growth momentum was the greatest since the middle of 2011, says Market, while the survey doesn't take into account the impact of the Cyprus flair-up. The Dax and euro dive, and are -0.7% and -0.3% (vs the dollar) respectively. (PR) Comment! [Global & FX, Top Stories, On the Move]
Monday, March 18, 4:01 AM DB announces a halt in new creations on 26 ETNs it is the indexer or issuer on (effective 3/29), meaning the potential for the notes to trade at significant premiums to NAV as redemptions will still be available. DB expects to resume creations by mid-April. The affected notes follow: BDD, BDG, BOM, BOS, BUNL, BUNT, DEFL, DGP, DGZ, DOD, DTO, DZZ, INFL, ITLT, ITLY, JGBD, JGBL, JGBS, JGBT, LBND, OLO, SBND, SZO, UDNT, UUPT, WMW. 2 Comments
Tuesday, March 12, 3:08 AM German harmonized index of consumer prices (HICP) falls to +1.8% Y/Y in February from +1.9% in January. On month, HICP +0.8% vs -0.7%. CPI slips to +1.5% Y/Y from +1.7%; on month +0.6% vs -0.5%. All the numbers were in line. (PR) Comment! [Global & FX, Top Stories]
Wednesday, November 14, 2012, 8:01 AM The SNB has to do something with those euros it's sweeping up. Investors pay for the privilege of lending to Germany, the country selling €4.323B in 2-year Schatz priced to yield -0.02%. It's the first negative yield at an auction since Mario Draghi's late-July "whatever it takes" comments put a temporary halt to the debt crisis. 1 Comment [Global & FX]
Wednesday, September 5, 2012, 7:50 AM Investors failed to show up for a German auction of 10-year Bunds this morning, the country selling just €3.93B against hopes for moving as much as €5B. The glass half-full view: The lack of demand is a sign of retreat from the "risk-off" trade in Europe. 1 Comment [Global & FX]
Tuesday, August 21, 2012, 11:33 AM What crisis? The German 2-year Schatz yield climbs to 0.01%, the first time in positive territory since early July. The 10-year Bund yield, which threatened double-digits a few weeks back, rises to 1.57%. Comment! [Global & FX]
Tuesday, August 14, 2012, 9:40 AM Long-term Treasury yields rise to about their highest levels of the summer following speedy retail sales and PPI reports. Can slowing growth and a world beset by problems of "mega proportions" be any more baked in, asks Scott Grannis. Shorting Treasurys is a great way to play the "What if something goes right" trade. Comment! [U.S. Economy, Quick Ideas]
Thursday, August 2, 2012, 4:56 AM S&P affirms Germany's AAA rating and stable outlook, citing the country's "strong economic fundamentals" and saying it expects the nation to "continue to withstand potential financial and economic shocks." S&P's confirmation comes after Moody's last month cut its outlook on Germany to negative. 1 Comment [Global & FX]
Tuesday, July 24, 2012, 6:23 AM Germany hits back at Moody's after the ratings agency gave the country a negative outlook, pointing out that it has exceptionally low borrowing costs. "Germany will, through solid economic and financial policy, defend its 'safe haven' status," the finance ministry says. Yields on 10-year bonds are +6 bps to 1.24%. 4 Comments [Global & FX]
Monday, July 23, 2012, 5:03 PM Moody's has lowered its outlook on Germany, The Netherlands, and Luxembourg to Negative, while affirming Finland's Stable outlook and AAA credit rating. The ratings agency cites the usual fears related to the eurozone's debt crisis, along with the "increasing likelihood that greater collective support" will be needed for Spain and Italy. Moody's downgraded Italy's rating by two notches earlier this month, and subsequently downgraded 10 Italian banks. 7 Comments [Global & FX]
Thursday, July 12, 2012, 7:09 AM The sell-off in Europe has money rushing into German paper, the 2-year Schatz yield falling to a record low -0.03%. 10-year Bund yields fall to 1.24% - the most amazing thing about this print is it's not a record (1.13% was hit on June 1). 4 Comments [Global & FX]
Monday, June 25, 2012, 5:49 AM Bunds are losing some of their safe haven status, as investors wonder whether Germany can continue to bear the burden of backstopping the eurozone crisis. U.S. Treasurys are likely to benefit, as few other havens remain; Switzerland and Japan are trying to deter investors to keep their currencies from appreciating, while Denmark and its northern neighbors aren't large enough to be true havens. 2 Comments [Global & FX]
Tuesday, June 19, 2012, 3:38 PM A consensus begins to form in hedge fund land where managers - apparently all using similar models - are busily agreeing with each other that German bond yields are set to soar. They're already on the move, the 10-year Bund hitting 1.53% today, sharply higher than the panicky bottom of 1.13% touched on June 1. 5 Comments [Global & FX]

BUNT PowerShares DB 3x German Bund Futures ETN

BUNT

PowerShares DB 3x German Bund Futures ETN