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BTP underperforms

BONDS
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  • BTP underperforms in early trade, helping the BTP/Bund spread wider, ahead of a very heavy Italian supply today.
  • The Italian 10yr future has gapped lower on the open, but initial support area of interest is still seen further out, down to 115.69, not a tech level but where the contract was trading pre US CPI miss.
  • In terms of the Italian/German 10yr spread it remains well within this week's range, albeit a wide one following Election debacle in Europe.
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  • BTP underperforms in early trade, helping the BTP/Bund spread wider, ahead of a very heavy Italian supply today.
  • The Italian 10yr future has gapped lower on the open, but initial support area of interest is still seen further out, down to 115.69, not a tech level but where the contract was trading pre US CPI miss.
  • In terms of the Italian/German 10yr spread it remains well within this week's range, albeit a wide one following Election debacle in Europe.