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Treasury's Liang On Tsy Market Reform


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BOND SUMMARY: Bonds have pared back some of Wednesday's gains, despite US trade
concerns and continued Italy uncertainty.
- Italian BTPs remain the one to watch today, though there has been significant
relief since the 11-month high spread of 10s vs Bunds of 195.8bps hit yesterday,
last 180.8bps. In particular, news that the finance minister may be the more
moderate Luigi Zingales of U Chicago, rather than eurosceptic Paolo Savona.
- Bund futures have sold off on the risk-on tone, with Jun18s down 35 ticks.
- Markets still digesting Wed`s FOMC minutes, which basically confirmed a June
rate hike, while also pointing to an IOER increase. 10-Yr Tsy again pushing back
above 3.00%, last 3.012%, up 1.8bps, but still 1bps below pre-minutes level.
- Gilts fell to intra-day low of 122.00 in reaction to better-than-expected rise
in UK retail sales for April, but have recovered to 122.13. UK Debt Management
Office (DMO) will re-open the 20-Year 0.125% Nov-2036 I/L Gilt on Thursday for
Stg1.0bln this morning, results after 0930GMT.
- The JGB curve flattened as the super-long end outperformed. 10Y futures 4
ticks lower at 150.81.

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