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Afternoon selling faded with NFP tomorrow in mind

EGB SUMMARY

EGBs saw a pick up in Volumes, and on the margin better selling interest, although we have since pared some of the downside, with attention turning to NFP tomorrow

  • BTP, pushed lower to print a 146.91 low, just ahead of 146.70 Low May 3 and the bear trigger
  • In yield terms 10yr Italy targets the 2021 peak at 0.944%, which is also the highest yield since last September
  • Peripheral are in turn wider, with BTP/Bund 3.4nps wider on the session.
  • 30yr Italian yield tested highest level since mid September
  • Looking ahead, Fed Williams, Kaplan, Mester and Fed release May 2021 financial stability report
  • Jun Bund futures (RX) up 11 ticks at 170.58 (L: 170.23 / H: 170.88)
  • Germany: The 2-Yr yield is unchanged at -0.695%, 5-Yr is down 0.3bps at -0.606%, 10-Yr is down 0.5bps at -0.233%, and 30-Yr is down 0.2bps at 0.329%.
  • Jun BTP futures (IK) down 31 ticks at 147.02 (L: 146.91 / H: 147.57)
  • Jun OAT futures (OA) up 1 ticks at 160.85 (L: 160.57 / H: 161.17)
  • Italy / German 10-Yr spread 3.5bps wider at 116.1bps
  • Spanish bond spread up 1.2bps at 69.1bps
  • Portuguese PGB spread up 1.3bps at 70.1bps
  • Greek bond spread unchanged at 120.6bps
BulletMarketsFixed Income Bullets
BulletMarketsFixed Income Bullets

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