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Off of yesterday's highs

BONDS
  • Treasuries have seen larger moves than Bunds or gilts this morning, reversing some of the rally seen earlier in the week.
  • There haven't really been any headline drivers. The situation appears to be more that investors need to take a breather and there is little appetite to push prices higher, for now at least.
  • However, this isn't the case with peripheral spreads which have widened this morning (albeit are now off their highs of the day). There has been focus on headlines this morning surrounding whether European countries are paying for Russian gas in euros or Rubles. Initial rumours that Austria had paid in RUB have been denied by the Chancellor and since then Bloomberg headlines have suggested that four European gas buyers have already paid in RUB (but it isn't clear if this is in violations of sanctions or not). The EU is meeting today to dicsuss gas supply, so there may be more headlines out later.
  • It's a relatively light calendar today with US trade, inventory and pending home sales data due. Tomorrow the calendar heats up with Spanish and German inflation data and the first print of US Q1 GDP.
  • TY1 futures are up 0-2 today at 120-03+ with 10y UST yields up 4.0bp at 2.763% and 2y yields up 7.0bp at 2.585%.
  • Bund futures are up 0.02 today at 155.50 with 10y Bund yields down -1.1bp at 0.801% and Schatz yields down -1.9bp at 0.123%.
  • Gilt futures are down -0.11 today at 119.56 with 10y yields up 0.7bp at 1.802% and 2y yields up 0.5bp at 1.497%.
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