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MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

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A balanced afternoon session

EGB SUMMARY

A more balanced trading afternoon session for EGBs.

  • German curve is still trading bull flatter, but we are off the lows.
  • Peripherals have mostly traded inline with Germany, with spread close to flat.
  • Greece is 0.6bp wider, while Spain is 0.6 tighter against the German 10yr.
  • Looking ahead, we have ECB Lagarde delivering a pre-recorded speech on climate change. Fed Williams
  • Jun Bund futures (RX) up 17 ticks at 172.09 (L: 171.93 / H: 172.44)
  • Germany: The 2-Yr yield is down 0.3bps at -0.712%, 5-Yr is down 0.8bps at -0.678%, 10-Yr is down 0.9bps at -0.35%, and 30-Yr is down 1.6bps at 0.215%.
  • Jun BTP futures (IK) up 10 ticks at 150.04 (L: 149.83 / H: 150.25)
  • Jun OAT futures (OA) up 14 ticks at 162.69 (L: 162.49 / H: 162.96)
  • Italian BTP spread up 0.4bps at 94.7bps
  • Spanish bond spread down 0.5bps at 62.9bps
  • Portuguese PGB spread unchanged at 51.3bps
  • Greek bond spread down 0.2bps at 120.9bps
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