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An incredibly volatile session

BONDS
  • Another huge session for EGBs, Bund and Global Govies.
  • After initially plummeting during the European morning session, this afternoon saw Continued unwind in German yield, after the strip printed multi year high, led by the 5yr (bobl)
  • Bobl has bounced over 100 ticks at the time of typing, on receiving interest.
  • German 5s/30s has pulled off the low after it tested the 2022 low at 25.319, printed 24.95 low.
  • Similar story for the Short end strip, with the likes of the December EDU3, pulling back 18 ticks off the low.
  • US Treasuries and Eurodollar upside momentum is also helping the pullback in Europe.
  • Short are likely looking at locking profit, as some investors park cash into yields.
  • UK has outperformed Bund with US Treasuries, translating into a 2.2bps tighter Gilt Bund spread.
  • Looking ahead, Fed Harker and ECB Vasle are still set to speak
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