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BONDS: EGBs & Gilts Off Lows

BONDS

Bond bears only managed to force Bund futures a few ticks below last Thursday’s low, basing at 133 79 before a recovery back above 134.00.

  • Headline flow remains muted, although the pullback from session highs in both crude and equity markets may help ‘explain’ some of the stabilisation in bonds.
  • Elsewhere, EGB/EU syndication announcements generally met wider expectations and the initial rush of IG issuance in both EUR & GBP markets slowed a little as the morning went on.
  • German yields last 3-5bp higher, curve steeper.
  • EGB spreads to Bunds to little changed to 1bp wider on the day.
  • Gilts also back from lows with bears unable to force tests of more meaningful support levels, contract last 99.55.
  • UK yields 0.5-3.5bp higher bear steepening as well.
  • BoE long-dated APF sales and pricing of the aforementioned EUR & GBP corporate deals will be eyed this afternoon.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income Bullets

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