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Bear steepening drives EGB

EGB SUMMARY

Bear steepeners have taken centre stage this afternoon.

  • Big bear steepening across the board, after the last few days flattening was mostly seen as more corrective, especially in the outright trade higher in Bunds.
  • Some position squaring ahead of a longer weekend for the US, with Holiday on Monday.
  • German 5/30s test highest levels since June 2020,
  • UK 5/30s highest since December 2018.
  • Peripheral spread are generally tighter, with Greece leading at 3.5bps.
  • Looking ahead, after market, Moody on Ireland and DBRS on Belgium.
  • Bund futures are down -0.49 today at 175.94 with 10y Bund yields up 2.9bp at -0.430% and Schatz yields up 0.7bp at -0.715%
  • BTP futures are down -0.29 today at 153.07 with 10y yields up 2.3bp at 0.478% and 2y yields up 0.9bp at -0.430%.
  • OAT futures are down -0.50 today at 166.02 with 10y yields up 3.2bp at -0.203% and 2y yields unch at -0.652%.
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