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Brexit driving bonds (again)

EGB SUMMARY

Conflicting headlines concerning the progress of Brexit negotiations has been the driving force of core bond markets today (although as expected, gilt markets have reacted to these headlines more than Bunds have).

  • Headlines around lunchtime suggested talks were going very well with the FT stating that the odds of a deal had gone from 30% to 70% but this was later denied in a Reuters sources piece that pointed to these stories as "UK spin. Unfounded."
  • BPT spreads are a little tighter today, but other peripheral spreads are only marginally changed on the day.
  • Bund futures are down -0.15 today at 174.37 with 10y Bund yields up 0.6bp at -0.517% and Schatz yields up 0.2bp at -0.703%.
  • BTP futures are up 0.28 today at 147.86 with 10y yields down -1.4bp at 0.851% and 2y yields down -0.8bp at -0.234%.
  • OAT futures are down -0.04 today at 168.51 with 10y yields up 0.3bp at -0.241% and 2y yields up 0.4bp at -0.662%.
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