Last week the Polish FI market remained under huge paying pressure on a global outlook. The massive outflow from domestic assets pushed the yield curve up to new highs trading 2y at 3.14% and 5y at 3.60%. The price of the benchmark 10y Treasury bond DS1023 collapsed under 100.00 yielding over 4% on Tuesday afternoon. Surprisingly, Polish central bank’s multiple interventions on the FX market late Friday afternoon turned out to be only a temporary cure. It sparked a new wave of a more aggressive sell-off as markets had found that move as sign that situation might have gone out of control. On the other hand, some of the domestic players believed that such a massive move in rates might give a good opportunity to receive before the whole set of quite bullish domestic macro data this month is shown to public. The CPI release at 0.5% y/y, the first of a set, had changed the mood on the market definitely. The yield curve dropped back by 20-30 bp from its previous tops having been supported by a turn-back on core markets.
Polish Weekly Review, 14 czerwca 2013
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