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EGBs - Big moves in Short term rates

BONDS
  • Another busy session for Rates, with the Macron debate beat, ECB Wunsch and de Guindos hawk statement setting the tone for the day.
  • Short end Euribor lead as they fell lower, dragging the German Schatz and Bobl lower.
  • This afternoon saw some bounce off the lows in Futures, with desk positioning, squaring ahead of Lagarde later today.
  • But the Euribor strip remains under pressure, ERU2 is trading at lowest level since 10/05/19, and ERZ2 since 05/02/19.
  • Peripheral spread have widened today, with Portugal leading by 1.4bp.
  • BTP/Bund has been more mixed and sits flat at the time of typing.
  • Looking ahead, all the attention turns to Powell and Lagarde taking part in IMF panel.
  • Gilt futures are down -0.66 today at 117.74 with 10y yields up 6.5bp at 1.979% and 2y yields up 13.1bp at 1.698%.
  • Bund futures are down -0.56 today at 154.05 with 10y Bund yields up 5.4bp at 0.908% and Schatz yields up 12.1bp at 0.161%.
  • BTP futures are down -0.55 today at 132.59 with 10y yields up 6.0bp at 2.567% and 2y yields up 8.8bp at 0.507%.
  • OAT futures are down -0.24 today at 146.93 with 10y yields up 3.3bp at 1.365% and 2y yields up 9.9bp at 0.164%.
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