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Bear flattening on banking optimism

BONDS
  • Curves have bear flattened across core FI markets this morning on hope for further support for the U.S. banking sector (in lieu of a weekend source report from BBG) and after First Citizens Bank acquired SVB.
  • Bunds saw their lows of the day around the gilt / equity open while gilts continue to grind lower and TY1 futures have moved back to their lows of the day after moving a bit higher earlier. The bigger moves are in the short-end, however, with 2-year yields up over 10bps across USTs, Bunds and gilts.
  • Looking ahead we have a number of ECB speakers still due up today while BOE Governor Bailey is due to speak after gilt markets close this evening and we are also due to hear from the Fed's Jefferson.
  • TY1 futures are down -0-14+ today at 115-21 with 10y UST yields up 5.4bp at 3.432% and 2y yields up 11.4bp at 3.884%.
  • Bund futures are down -0.90 today at 137.10 with 10y Bund yields up 7.0bp at 2.194% and Schatz yields up 11.3bp at 2.493%.
  • Gilt futures are down -0.98 today at 104.83 with 10y yields up 8.4bp at 3.362% and 2y yields up 10.1bp at 3.291%.
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