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Back to flat after mini-rally

BONDS
  • After moving around 30 ticks higher at the top of the hour, Bunds have reversed their gains of the day and now trade flat to Friday's close.
  • TY1 futures were dragged to their high of the day by the move in Bunds but have since moved back to their prevailing levels.
  • The only notable data this morning will be Eurozone industrial production.
  • Italy will open the book to retail investors for its 6-year BTP Italia, Greece will hold an extraordinary auction of its 10-year 1.75% Jun-32 GGB while the BOE will conduct a short-dated (3-7 year) active gilt sales operation this afternoon.

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