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BONDS: Above average Volumes in EGBs post PMIs

BONDS
  • On the margin mostly upside Option have gone through in early trade. While there's been some Option activity, the early Volumes really stands out in Govies, with way above averages volumes in Bunds, suggesting that all type of accounts (RM, LM, FM) have been involved today following the PMI misses.
  • The volume in the front Euribor (ERZ4) also stands out, not much on the spread nor vs ESTR, mostly outright related flows.
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  • On the margin mostly upside Option have gone through in early trade. While there's been some Option activity, the early Volumes really stands out in Govies, with way above averages volumes in Bunds, suggesting that all type of accounts (RM, LM, FM) have been involved today following the PMI misses.
  • The volume in the front Euribor (ERZ4) also stands out, not much on the spread nor vs ESTR, mostly outright related flows.