Moreover investors digested Wednesday’s
disappointing auction. The yield curve
shifted higher by some 5 bps, as mirrored
the euro curve. The Finance Ministry said
that it could reopen the eurobond program if
there was not enough demand for bonds on
the domestic market. That’s only an attempt
to curb upward movement in yields. As we
expect that the next tender of 10-year
benchmark will be successful we do not
afraid that the ministry will fulfill the warning.
Today there is nothing on domestic agenda,
hence the market may look at core market,
especially at U.S. figures.
(CSOB - Investment research)