mBank on Polish fixed income: Keep calm and carry on

Neither good US economic data nor a bit more hawkish ECB’s comments made the market lose faith in Polish bonds. We withheld 3.75% level on 5Y benchmark and thereafter recovered 10 bps to 3.65%. It’s December, realized volatility fell to about 5% on a weekly basis (35% was this year’s high), and we are starting to feel the smell of Christmas trees but... tapering woes still cool the market. Fairly? We know it may cause some (probably big) perturbations if finally push comes to shove but we also know that at least the US market seems well prepared to deal with it. We also know that having it later than sooner is going to limit any impact. We keeps our view then: keep calm and carry on. Still 5y looks the best.more

mBank on Polish fixed income: Keep calm and carry on

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