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BONDS: Recovery Rally Fades

BONDS
BulletMarketsFixed Income Bullets

The recovery in Bund futures ran out ahead of steam ahead of early session highs, while yesterday’s high helped limit the rally in gilt futures (peaked at 100.21 vs. yesterday’s highs of 100.20).

  • Bund futures 134.43 last, -13.
  • German yields flat to +2bp, bear steepening.
  • German Finance Minister Lindner confirmed that ’25 net new federal borrowing will conform with the debt brake, while reaffirming the need to set a fiscal example to Europe. No meaningful surprises in the details, which attempted to reaffirm the country’s fiscal prudence, making for little reaction in Bunds.
  • EGB spreads to Bunds either side of unchanged (-1/+1bp), with some slight outperformance for peripherals even as European equity benchmarks edge lower on the day. A move lower in the likes of EUR 3m10y and record demand at the today’s BTP syndication are driving things here.
  • Gilt futures -7 at 100.05.
  • Gilt yields 1-2bp higher across the curve.
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The recovery in Bund futures ran out ahead of steam ahead of early session highs, while yesterday’s high helped limit the rally in gilt futures (peaked at 100.21 vs. yesterday’s highs of 100.20).

  • Bund futures 134.43 last, -13.
  • German yields flat to +2bp, bear steepening.
  • German Finance Minister Lindner confirmed that ’25 net new federal borrowing will conform with the debt brake, while reaffirming the need to set a fiscal example to Europe. No meaningful surprises in the details, which attempted to reaffirm the country’s fiscal prudence, making for little reaction in Bunds.
  • EGB spreads to Bunds either side of unchanged (-1/+1bp), with some slight outperformance for peripherals even as European equity benchmarks edge lower on the day. A move lower in the likes of EUR 3m10y and record demand at the today’s BTP syndication are driving things here.
  • Gilt futures -7 at 100.05.
  • Gilt yields 1-2bp higher across the curve.