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Back in the green as the US joins

BONDS
  • EGBs are mixed this morning, Bund is back in the green, while BTP, followed by OAT outperforms Germany.
  • Bund initially ticked lower, but has since recovered to its intraday high at the time of typing.
  • Peripheral spread are all tighter, with Italy leading by 2.6bps.
  • BTP/Bund is testing the 21st March low at 181.49bps.
  • Greek/Bund spread sees Monday's low at 182.78bps, which is also the tightest level since the 10th March as the next support.
  • Gilt is mostly trading inline with Bund and the Gilt/Bund spread sits 0.5bp wider, at 116.4bps at the time of typing.
  • US Treasuries are also underpinned as the US starts to join the session.
  • There hasn't been any standout flow/orders, and the lack of liquidity is likely helping exacerbate the moves.
  • This looks more likely order flow related, given the lack of clear traction in the moves.
  • There's no tier 1 data for today, as desk await EU CPIs, starting tomorrow with the German Regional/National CPIs, and Spain prelim CPI.
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