01 Apr 2021


Fixed Income market briefing April 2021

The start to 2021 has pleasantly surprised to the upside, with volumes underpinned by a more upbeat tone across, yields nudging higher, implied volatility increasing and talk of re-inflationary pressure. Euro-Buxl® Futures and Options had a record month in February and continued their positive momentum into March. Euro-Buxl® Futures benefitted from the long end steepening and realized moves in outright 30y, trading over 6.6m contracts (+31.6%). The Italian and French segments continued to outperform, seeing double-digit growth. The long term and short term BTP's saw an increase of 11.5% and 19.4%, respectively. The French OAT Futures had an increase in volumes of 10.5%.

As the underlying markets moved higher in yield terms, implied volatility increased across the portfolio. Euro-Bobl and Euro-Schatz Options volumes were 25.8% and 57.6% higher versus 2020, seeing 1.24m and 2.8m contracts trading. In bunds, the weeklies continued to outperform, with volumes 40.2% higher versus Q1 2020. Euro-Buxl® Options volumes continued their upward momentum with 234k contracts trading in Q1. Overall, volumes held up relatively well given the global economic backdrop, which gives the team optimism for Q2. April got off to a relatively strong start, with FIC volumes up circa 40% versus April 2020. 

Lastly, I'd like to take the opportunity to thank the team and our members for their continued support and focus. It has been impressive to witness the team working with our members on new initiatives in the pipeline, ensuring the liquidity development in newly launched products. I'm confident that we have laid the foundations to ensure that future initiatives are successful and address our members' and clients' needs. 

Lee Bartholomew, Head of Fixed Income Product R&D, Eurex

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