Polish Weekly Review, 26 lipca 2013

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Sentiment on the Fixed Income market is, yet again, dominated by global moves. This week German 10year Bunds and US Treasuries suffered a lot because of speculation about faster growth and, as a result, rate hikes in the future. On PolGBs yield of Oct23 went from 3.75 on Monday up to 4.05 this Thursday. Our carry trade on PS1016 is still looking good, despite strong retail sales data that came out this Thursday. Next week we expect POLGBs auction plan for August to be announced. Market should be prepared for an auction on 15th August. Turnover is lower and lower so we keep our carry trade, but we have to watch carefully which way the global mood is going.

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