Daily Flows

• Bond activity was driven by balance sheet management, with stock picked up across Fixed and Floating Semi-Government bonds and floating Major Bank paper.
• NCD margins are floating around the +35/40 level for three months, with volatile demand in the market.
• We are observing an increasing preference for longer-duration TD investments, with a level of 5.25% for five years attracting considerable flow.

Ukraine-Russia Conflict Keeps Markets on Edge

• Geopolitical tensions in Eastern Europe continue to escalate, with Ukraine firing long-range British-made missiles into Russian territory.
• This has prompted the closure of many embassies in Kyiv as fears grow around potential attacks.
• While it might be expected that this, paired with Russia’s nuclear rhetoric, would spook markets, it has only led to a slight negative retracement in equities without significant movements.
• Looking ahead, it’s quiet on the domestic front, but we have inflation data from the U.S. and retail sales figures from the UK.