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Bunds / gilts challenge yesterday's highs while GGBs selloff

BONDS
  • Core fixed income has been grinding higher this morning in what feels like it has been a generally risk-off session in fixed income and FX markets, but has seen European equities actually move higher (with US and Asian equities generally lower).
  • At the time of writing Bund and gilt futures are approaching, but have not yet breached yesterday's highs. Peripeheral spreads are all wider on the day led by GGBs. There doesn't seem to be an obvious move although we note that Greek 10-year yields have moved above 3% so there are possibly some technicals in play. Also, some investors may have been expecting a bigger upgrade from S&P last week to investment grade now that Greece has finished paying off the IMF (rather than the one notch upgrade to BB+ stable).
  • Treasuries are higher since yesterday's close, but still below yesterday's intraday high.
  • The only notable data release today will be durable goods.
  • TY1 futures are up 0-7 today at 119-26+ with 10y UST yields down -3.6bp at 2.787% and 2y yields down -2.9bp at 2.600%.
  • Bund futures are up 0.25 today at 155.14 with 10y Bund yields down -1.0bp at 0.825% and Schatz yields down -0.1bp at 0.138%.
  • Gilt futures are up 0.03 today at 119.21 with 10y yields down -0.3bp at 1.836% and 2y yields down -2.0bp at 1.525%.
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