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CORN TECHS

(Z1) Gains Considered Corrective

EGB OPTIONS

Bund call spread

STIR

Effective Fed Funds Rate

GILTS

DMO Plans Lower 2021-22 Issuance Than Expected

US TSY FUTURES

New Yield Curve Lows

EGB SUMMARY
EGB SUMMARY: Again there have been little idiosyncratic drivers in EGBs today
with Bunds being driven higher by risk appetite and moving in line with gilts.
- The biggest move has come close to the time of writing with BTPs spiking
lower. BTPs had been underperforming Spain, Portugal and Greece through most of
the day but have suddenly rallied with the spread widening as much as Greece on
the day.
- Other peripheral spreads have also drifted higher on the day with Spanish
spreads 5.1bp wider, Portuguese spreads 5.8bp wider and GGB spreads 9.3bp wider.
- Bund futures are up 0.64 today at 171.00 with 10y Bund yields down -4.5bp at
-0.347% and Schatz yields down -1.5bp at -0.646%.
- BTP futures are down -0.72 today at 140.69 with 10y yields up 6.2bp at 1.305%
and 2y yields up 4.1bp at -0.33%.
- OAT futures are up 0.40 today at 167.22 with 10y yields down -3.0bp at -0.19%
and 2y yields down -1.4bp at -0.610%.