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A fast moving session

BONDS
  • A very choppy afternoon session, with low volumes providing decent up/down swings in Govies.
  • Bund and EGBs initially rallied, after a not so hawkish ECB meeting, but contracts have reversed from their highs, as US Treasuries pushed lower.
  • Yields are once again higher going into the Bank Holiday weekend.
  • Peripherals are mostly close to flat against the German 10yr.Gilts are outperforming Germany somewhat, pushing the Gilt/Bund spread wider, by 2bps.
  • Jun Bund futures (RX) down 103 ticks at 154.83 (L: 154.68 / H: 156.17)
  • Germany: The 2-Yr yield is down 2.4bps at 0.05%, 5-Yr is up 3bps at 0.579%, 10-Yr is up 7.2bps at 0.838%, and 30-Yr is up 10.8bps at 1.009%.
  • Jun Gilt futures (G) down 75 ticks at 118.69 (L: 118.54 / H: 119.67)
  • UK: The 2-Yr yield is up 5.9bps at 1.548%, 5-Yr is up 6.6bps at 1.615%, 10-Yr is up 8.4bps at 1.883%, and 30-Yr is up 10.3bps at 2.049%.
  • Jun BTP futures (IK) down 127 ticks at 133.6 (L: 133.39 / H: 135.23)
  • Jun OAT futures (OA) down 85 ticks at 147.19 (L: 147.05 / H: 148.48)
  • Italian BTP spread up 2.8bps at 163.5bps
  • Spanish bond spread up 0.4bps at 94bps
  • Portuguese PGB spread down 0.7bps at 99.1bps
  • Greek bond spread down 0.2bps at 206.6bps

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