A more active afternoon session

A more active afternoon session for EGBs.

• German curve reversed the bull flattening bias noted this morning, and is now bear steepening, and eyeing a test at Friday's high in 5/30s.
• News that the Suez canal was now free, is boosting Global trade outlook, and has been taken positively by the markets.
• With Bund leading losses, and peripherals lagging, spreads have tightened with Greece leading at 2.1bps
• Longer end is also pulling the 3 months strips, Euribor, short sterling and Eurodollars
• Looking ahead, Fed Gov Waller delivers his first comments since joining the Board in December.
• Jun Bund futures (RX) down 40 ticks at 171.72 (L: 171.66 / H: 172.34)
• Germany: The 2-Yr yield is up 0.1bps at -0.714%, 5-Yr is up 1.3bps at -0.663%, 10-Yr is up 2.2bps at -0.324%, and 30-Yr is up 2.8bps at 0.244%.
• Jun BTP futures (IK) down 39 ticks at 149.59 (L: 149.53 / H: 150.2)
• Jun OAT futures (OA) down 45 ticks at 162.28 (L: 162.24 / H: 162.95)
• Italian BTP spread down 0.1bps at 96.3bps
• Spanish bond spread unchanged at 63.3bps
• Portuguese PGB spread down 0.1bps at 51.9bps
• Greek bond spread down 1.3bps at 119.6bps