Nordea: EU Rates Review

Quotes from Nordea

• Across the Euro area 10-year yields rose (excluding Greek yields) ranging from 1 bp to 8 bp depending on the proximity to Germany.
  
  
• The surprise of the day was that Greece will get financing from the European Bank for Reconstruction and Development (EBRD). 
  
  
• The aim is to help Greek private companies (SMEs) regain access to financing, and to promote regional economic integration.
  
  
• This message clearly supported Greek yields which fell, but despite the positive tone Greek yields are still above the levels seen before the Greek elections on 25 January.
  
  
• US yields rose with the 10-year rising 5 bp US yields very likely rose on the back of Actavis Plc selling USD 22bn of debt. Markets will for the rest of the week be waiting for Friday's payrolls report.