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BONDS: Away From Early Highs

BONDS
BulletMarketsFixed Income Bullets

Bonds continue to tick away from session highs, with Bund futures having closed their opening gap higher. Gilt futures still trade above late Thursday levels.

  • Higher oil markets and a bid in e-minis helped counter the early London rally.
  • Front end outperformance still evident in Tsys, curve bull steepening with yields 1-5bp lower. Fed Funds still price a little over 35bp of cuts for next week’s meeting following the dovish round of press coverage late Thursday.
  • Bund curve twist steepens, yields +1bp to -1bp.
  • EGB spreads to Bunds little changed to a touch tighter, outperformance seen for BTPs and GGBs with EUR 3m10y incrementally lower.
  • OATs still struggle to push meaningfully below 70bp.
  • Gilt yields 0.5-2.0bp lower, bull flattening.
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Bonds continue to tick away from session highs, with Bund futures having closed their opening gap higher. Gilt futures still trade above late Thursday levels.

  • Higher oil markets and a bid in e-minis helped counter the early London rally.
  • Front end outperformance still evident in Tsys, curve bull steepening with yields 1-5bp lower. Fed Funds still price a little over 35bp of cuts for next week’s meeting following the dovish round of press coverage late Thursday.
  • Bund curve twist steepens, yields +1bp to -1bp.
  • EGB spreads to Bunds little changed to a touch tighter, outperformance seen for BTPs and GGBs with EUR 3m10y incrementally lower.
  • OATs still struggle to push meaningfully below 70bp.
  • Gilt yields 0.5-2.0bp lower, bull flattening.